The Fed’s rate cut last week of 25 bps brings the funds benchmark down to 3.75-4.00%. That’s roughly 150 bps lower than its peak back in July 2023. Buried in this news were two interesting developments.
Chair Powell remarked that “there were strongly differing views on how to proceed in December.” Of the twelve FOMC members, there were two dissenting votes – one in favor of a stronger 50 bps cut, the other in favor of leaving rates unchanged. A similar split occurred in July, the first time since 1993 that as many as two members dissented...
“What do you do when you are driving in the fog? You slow down.” – Jerome Powell, chairman, Federal Reserve (CBS News).
Featuring Charts
Chart of the Week: Gone Fishing
On November 5th, the 2025 government shutdown became the longest in US history. Source: The Daily Shot
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Chart of the Week: Equity and the Emirates
UAE’s shift from oil-centric to a broader industrial economy will propel PE investments. Source: imarc
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Chart of the Week: Auto Correct
The value of First Brand loans was close to par – until it wasn’t. Source: Bloomberg, S&P Capital IQ, iCapital Investment Strategy
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Chart of the Week: MENA Wealth
Of the top ten largest sovereign wealth funds in the world, four are Middle Eastern. Source: Bloomberg
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Chart of the Week: Up and To the Right
Oman’s economy is expected to increase steadily through the end of the decade Source: Statista
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Chart of the Week: Slow as it Goes
Quarterly direct lending deals peaked 2Q 2024, slowed since. Source: PitchBook LCD, US data through Sept. 16, 2025.
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Features
Bloomberg: Leveraged Lending Insights – 11/3/2025
US Leveraged Loans Return 4.5% Through October Click here to access Bloomberg’s latest Global Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.11% in October, bringing its year-to-date return to 4.50%. Average secondary market prices on US leveraged loans were 96.75 on October 31st, down from a monthly high of…
Middle Market & Private Credit – 11/3/2025
U.S. Private Credit and Middle Market Performance Monitor: 3Q25 Click here to learn more. Fitch’s Privately Monitored Ratings Portfolio Overview, 3Q25 In the charts above, Fitch presents aggregate data for issuers in its PMR portfolio. Fitch privately rates these issuers on behalf of asset managers…. Subscribe to Read MoreAlready a member? Log in here...
The Pulse of Private Equity – 11/3/2025
Median step-up from previous PE middle-market fund in fund family Download PitchBook’s Report here. With less capital available to allocate, many LPs are consolidating the number of managers they commit capital to, often siding with managers they have longer-standing relationships with, which tends to be larger megafund managers or a select few in the middle market….
Leveraged Loan Insight & Analysis – 11/3/2025
US Institutional loan calendar north of US$43bn at end of October At the end of last week, the forward calendar for institutional loan assets topped US$43bn, the highest level since July of this year…. Subscribe to Read MoreAlready a member? Log in here...
PDI Picks – 11/3/2025
Performance and regulation are worries for LPs Our latest test of investor opinion finds tougher market conditions impacting the responses. In this column we offer readers of the Lead Left a sneaky peek at some of the findings emerging from the latest version of our LP Perspectives annual survey, which will form part of the…
Middle Market Deal Terms at a Glance
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Beginning in July 2022 The Lead Left published a series of articles on credit market. This report consolidates those articles.
Cov-lite trends Inflation & rising interest rates – LIBOR to SOFR transition Mega-tranche uni trend ESG takes center stage Login to view interactive report and download PDF version. … Subscribe to Read MoreAlready a member? Log in here Related posts: 2H 2021 Midyear Outlook Report State of the Capital Markets – Fourth Quarter 2016 Review and
Beginning in September 2021 The Lead Left published a series of articles on supply chain. This report consolidates those articles.
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