• FS credit market commentary

    OCTOBER: Credit indices fell alongside equities in October, while rising interest rates weighed heaviest on the Barclays Agg. Equities and high yield credit declined in a volatile trading month. Senior Secured Loans generally held steady and captured upside to October’s rising rates, which caused the Barclays Agg to trade down.
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    FS energy market commentary

    OCTOBER: Each energy sector sold off with the rest of the market in October. Crude oil prices saw their largest monthly decline since 2015, but are still up $5/bbl since the end of 2017. While October saw a reversal of some positive market trends, we believe long-term midstream fundamentals remain supportive.
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    A potentially dangerous curve

    If the yield curve inverts, will a recession follow? Not necessarily, given how far from normal the current expansion and Fed rate hike cycle are. We believe investors should instead watch out for volatility sparked by recession fears and prepare for especially challenged traditional income sources.
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