US margin debt falls for second month

US margin debt declined by $32 billion in March, dropping to a total of $1.22 trillion, its lowest level since November 2025. This marks the second consecutive monthly decline, with a total two-month drop of $59 billion. Despite the recent pullback, margin debt is still up $341 billion, or 39%, year-over-year, a rate of growth last seen during the 2021 market period. The data reflects shifting leverage and risk sentiment among investors.