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Inflation First, Unemployment After
This Apollo chart tracks SOFR futures across four maturities (Jun 2026 through Jun 2028), and the…
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Yields vs. Growth
Yields are lagging behind and diverging away from the ongoing macroeconomics backdrop. The Bloomberg US labor…
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Share Of Private Credit in Total Corporate Lending Is Growing In EMs
EM corporate financing continues to be dominated by domestic bank lending, though its share has steadily…
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K-Shaped Economy: Riding the Upward Branch
Read PDF version here: A K-shaped economy refers to a circumstance in which different consumer segments…
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Wage Growth In The US
The lowest quartile of wage distribution in the US experienced a 3.5% wage growth year-over-year through…
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Hyperscalers Leverage And Credit Spreads
The divergence in Net Debt / EBITDA across hyperscalers maps directly into credit OAS dispersion. Microsoft,…
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Devon And Cottera Exhibit Nearly Identical Ownership Structure
Devon Energy Corp. agreed to acquire Coterra Energy Inc. for about $21.4 billion in stock with the targets’ SHs…
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US Credits Spreads Have Compressed Since 2023
Since early 2023, US Investment Grade and High Yield credit spreads have compressed steadily, signaling a…
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Silver’s Recent Outperformance Appears Increasingly Speculative
Silver is trading at about 2.5 times its 250D moving average, and the volatility spread in…
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Divergence In S&P Metals & Mining Index And INDPRO
While the S&P 500 Metals & Mining index has increased by over 80% since 2020, the…
Independent research and commentary for informational purposes only. Not investment advice.
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