This accumulation of borrowed funds has moved the ratio of Debit Balances to Free Credit Balances in Cash Accounts to its highest level in the dataset. After easing from 6.28 in January to a low of 5.50 in March as cash balances have temporarily risen to $221.9 billion, the ratio has trended higher alongside growing margin debt, reaching 6.85 in May and holding at 6.91 in June. Uninvested cash reserves have shown smaller shifts over the same timeframe, with Free Credit Balances in Cash Accounts standing at $217.4 billion and Free Credit Balances in Margin Accounts at $223.4 billion in June.
Annualized growth velocity has stayed elevated throughout 2026, supported by broader money supply expansion. The 12-month percentage change in debit balances has shifted from 36.5% in January to a peak of 53.7% in May before settling at 49.0% in June. Concurrently, the M2 money supply has grown steadily from $22.43 trillion in January to $23.05 trillion in May, tracking the overall rise in margin debit balances.