The Market Now
Our last Market Now series came in March 2022 after Covid had peaked and begun to fade, when Russia invaded Ukraine. This week we think another pause to review conditions is appropriate given a number of dynamics at play.
First, the Fed has paused in its rate hikes as their gravity seems to have pulled many inflation indicators down. Employment remains tight, but shows signs of loosening. Real GDP rose at a healthy 2.4% pace for 2Q, yet real personal consumption decreased from 4.2% in the first quarter to 1.6%…
▶︎ Read August 7 2023 newsletter: here
▶︎ Chart of the Week: here (by Mickey Levy, chief economist, Berenberg US; Bureau of Economic Analysis/Haver Analytics)
(Any “forward-looking” information may include, among other things, projections, forecasts, estimates of market returns, and proposed or expected portfolio composition Past performance is no guarantee of future results. Investing involves risk; principal loss is possible.)
Latest news
Top 50 BDCs Accounted for 75% of Nonaccrual Loan Cost in Q2’26
The 50 largest BDCs, on the basis of total debt investments as of the second quarter of 2026, accounted for 75% of the total aggregate reported value of nonaccrual debt at cost and fair value.
US private debt AUM ($B) by channel
In 2025 and the early part of 2026, the retail channel added AUM to the asset class at a much faster rate than institutional investors in both regions, with growth rates of 43.7% globally, 41.4% in the US, and 73. 1% in Europe through the beginning of 2026 compared with year-end 2024 figures.
