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Is private credit a bubble?
Private credit has grown in both size and breadth, prompting questions around the risks of the asset class and whether it could represent a bubble. We address those concerns in this note.

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Showing 1–6 insights out of 162 results
Apr 7, 2025
By Troy Gayeski
Strategy note

What should investors do next? Examine contributing parts of GDP

Our Chief Market Strategist examines U.S. gross domestic product to see what’s next for the economy.
Apr 4, 2025
By Research
2 minute read
Chart of the week

Domestic resilience in vogue amid selloff

S&P firms with a global focus have been at the heart of this year’s selloff. U.S.-oriented firms have skirted trade tensions and fared better.

Line chart that splits the S&P 500 based on revenue sources: Higher-than-average foreign (black line) vs. domestic (orange line). Amid rising trade tensions, the 250 companies with the highest percentage of domestic sales have significantly outpaced those that derive more revenue from foreign sources.
Mar 28, 2025
By Research
2 minute read
Chart of the week

Trade uncertainty registers parabolic growth

Tariffs have been mentioned nearly 1,000 times on Q1 earnings calls, driving volatility and sowing uncertainty across markets.

Mar 7, 2025
By Research
2 minute read
Chart of the week

Middle market resilience amid trade uncertainty?

The private U.S. middle market may represent a compelling opportunity as companies in this sector face less disruption from global supply chains.

Column chart showing the percentage of foreign revenues among S&P 500 companies (34%) and private U.S. middle market firms (16%), compared to exports as a percentage of U.S. gross domestic product (11%). Because U.S. middle market companies operate mostly within the confines of the U.S., they may represent an attractive opportunity as trade volatility whipsaws the S&P 500.
Feb 28, 2025
By Research
2 minute read
Chart of the week

As Treasury yields rise, so has stock-bond correlation

Stock-bond correlation sits at a 75-year high today as the era of easy diversification may be over amid a higher-for-longer rate environment.

Line chart showing the 30-day rolling correlation between the S&P 500 and the Bloomberg U.S. Aggregate Bond Index, paired with the 10-year Treasury yield, as stock-bond correlations have moved in tandem over the past year. Over a longer period, the rolling 3-year correlation between stocks and bonds began to spike in early 2002, as the Fed began to aggressively hike rates, and today sits at a 75-year high of 0.67
Feb 28, 2025
By Research
15 minute read
Playbook

Mapping the markets: Q1 2025

Our Investment Research team compiled their best charts and latest market analysis across macroeconomics, public markets and private market strategies to help our clients map today’s markets.

Showing 1–6 insights out of 162 results

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