Risk appetite in the Leveraged Loan and High Yield markets remains strong Macros are slowing, not cracking  Data favors Fed patience This was an economic data heavy week with no dearth of headlines on Venezuela, oil and the topic of affordability in the US, driving the President’s decision to direct Freddie & Fannie Mae to buy $200 billion of home mortgages. That said, both loan and high yield markets are constructive on risk as evidenced by strong issuance volumes in both ma

The US economy continued to demonstrate resilience despite tariff and inflation-related risks. Q2 GDP was revised upward from 3.3% to...

Key Takeaways Inflationary pressures are building despite recent soft spots in the economy. Macroeconomic and policy uncertainties are...

The US economy remains strong despite rates, inflation  and policy related headwinds. The US is making good progress on negotiating trade...

Equities and credit markets remain strong Valuations remain rich, underestimating macroeconomic risks Underlying data on profit margin...

Inflation prints were softer than expected, contributing to risk-on sentiment this week. Trade negotiations painfully slow. Leveraged...

Consumers and Services sectors are showing strain There is renewed focus on fiscal spending and deficits Leveraged Loan market is not...

Earnings and consumer data were mostly weak.  Equity markets rallied on a temporary US - China tariff truce. Credit markets tightened...

Executive Summary  The debt ceiling debate has once again captured national attention. U.S. Treasury bills maturing in August are now...

Consumer discretionary weakness contrasts with resilient labor market and strong services data. Fed acknowledges tariff-related risks but...

Discretionary Spending and GDP Weakness Companies tied to discretionary spending—such as leisure travel, hotels, and restaurants,...

Amidst a sea of headlines on tariffs, government overreach, recession, gold, & Bitcoin, the market narrative has become repetitive....

Over the past 2 weeks, the administration announced sweeping tariffs aimed at addressing country-specific trade deficits.