The relative yields-to-maturity of institutional term loans in the US vs. Europe have narrowed during Covid.

As in the US, European manufacturing and services has jumped higher than pre-Covid levels.

The European economy is coming back in sync with the US; the UK is the growth engine.

Despite the threat of higher prices, long-term interest rates have eased, supporting bonds of all stripes.

Inflation has been quiescent for over a decade, thanks to a weak economy leading into Covid.

The reopening of shuttered or nearly closed businesses accounted for a big share of April’s CPI increase.

Consumer price inflation has generally dropped since 1980, with questions raised for its future course.

While Libor has slumped since 2018, Libor floors and direct lending spreads have remained in a range.

Returns for middle market loans are less volatile than their BSL counterparts, and higher, on average.