The U.S. Energy Information Administration (EIA) reported that net exports of U.S. crude oil and petroleum products averaged a record 5.8 million barrels per day (b/d) in April 2026. Distillate fuels, including jet fuel and diesel, were cited as key drivers of the increase in net exports. The EIA forecasts that U.S. net exports of distillate fuels will average 1.5 million b/d in Q2’26, an increase of 27% year-over-year.

SIFMA Research reported that the value of outstanding U.S. fixed income securities (Treasuries, corporate bonds, municipal bonds, agency securities, and commercial paper) totaled $50.5 trillion in Q1’26, an increase of 6.4% year-over-year. U.S. Treasuries were the largest asset class by amount outstanding, increasing by 7.9% year-over-year to $30.8 trillion. Corporate bonds outstanding totaled $11.7 trillion, up 3.0% year-over-year.

PwC reported that U.S. merger and acquisition (M&A) deal value reached $1.2 trillion over the first five months of 2026, an increase of 99% from $603 billion over the same period last year. Deal volume declined over the period. There were 4,653 M&A deals in the first five months of 2026, down from 4,851 deals announced over the period a year earlier. Thirty-nine transactions valued at $5 billion or higher have been announced so far in 2026.

With the ongoing IPO market activity, Dr. Josef Schuster joins the podcast to discuss his research on the unique performance dynamics that often follow new listings.

Moody's reported that its trailing 12-month global speculative-grade default rate stood at 4.3% at the end of May 2026 (preliminary results), up from 4.1% in December 2025. Its baseline scenario sees the global default rate declining to 3.1% in December 2026. For comparison, Moody's puts the global historical average default rate at 4.2%. The U.S. speculative-grade default rate stood at 5.0% in May. Moody’s baseline scenario sees the U.S. default rate falling to 3.5% in December 2026.

The International Energy Agency (IEA) reported that global energy demand increased by 1.3% year-over-year (y-o-y) in 2025, down from an increase of 2.0% in 2024. Global electricity demand increased by nearly 800 terawatt-hours, up 3.0% y-o-y in 2025. Electricity demand in the U.S. increased by 2.0% y-o-y in 2025, with nearly half of the increase being attributed to consumption by data centers.

The Federal Reserve reported that the net worth of U.S. households totaled $183 trillion at the end of Q1’26, an increase of nearly $113 billion quarter-over-quarter, according to Bloomberg. Equity losses offset much of the gains from other sectors. The value of equities held by U.S. households declined by $1.8 trillion in Q1’26.

In its 2026 Trustees Report, the Social Security Administration indicated that the Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100% of total scheduled benefits until Q4’32, one quarter shorter than last year’s estimate. Thereafter, the OASI trust fund’s reserves will be depleted, and continuing program income will be sufficient to pay 78% of total scheduled benefits. The Disability Trust Fund is projected to meet 100% of total scheduled benefits through the year 2100.

The International Energy Agency (IEA) reported that global electricity demand for data centers grew by 17% in 2025, while electricity consumption from AI-focused data centers surged 50% over the same period. The IEA projects total electricity consumption from data centers to roughly double from 485 TWh in 2025 to 950 TWh in 2030, accounting for about 3% of global demand by then.

The Census Bureau reported that total U.S. business applications rose 3.7% in May. High propensity applications – those that have a high likelihood of turning into a business with payroll – declined 0.3% over the month. Total business applications are up 17.0% year-over-year, while high propensity applications are up only 3.7% over the same period.