Margin debt acceleration hit a 19-year high before July’s market rout, Jamie Coutts said, reviving concern over late-stage speculative excess. He said slowing l

Margin debt acceleration hit a 19-year high before July’s market rout, Jamie Coutts said, reviving concern over late-stage speculative excess. He said slowing liquidity and rising real rates are adding risk despite AI-driven market optimism.