Andy Constan: Expanding deficits and corporate buybacks support bullish equity case

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03.05.2026

Andy Constan: Expanding deficits and corporate buybacks support bullish equity case — Corporate buybacks and deficit boost equities

Andy Constan, founder and strategist at Damped Spring Macro, outlines three key factors that historically drive bullish equity markets.

Constan points out that companies are aggressive buyers of their own debt and equity and do not require new capital from markets, government budget deficits are expanding year-over-year at a pace exceeding nominal GDP growth, and central banks act as a powerful influence. These "timeless and universal" conditions, according to Constan, collectively provide robust support for equities.

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Constan has recently highlighted that the daily leveraged ETF rebalance flow totals $9 billion, a figure likely offset by multi-asset rebalancing activities, according to a previous market note. He has also called for the Federal Reserve to cut short term rates, halt balance sheet expansion, and adjust Treasury issuance in a recent statement. These comments add to his ongoing analysis of market liquidity and policy direction.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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