Secondary BSL bids are edging up in concert with optimism in public equities.

Small and mid-sized businesses generate most of US job creation.

Past government disputes on debt ceiling limits have sent market volatility soaring.

Despite the Fed’s hawkish jawboning, market rate expectations show little increase.

As prices edge down from mid-2022 highs, shelter and services remain under pressure.

Since March the Fed has increased its rate target by 4.25%, the fastest climb ever.

Since March the Fed has increased its rate target by 4.25%, the fastest climb ever.

Leveraged loan all-in yields are seeing levels not present since the GFC.

YTD high-yield loan and bond volume slid 63% and 76%, respectively; direct lending is up 77%.

Since 1878 the worst stock market declines were helped by fixed income. Not now.