A Look Behind the Fed’s Curtains

BlackRock Private Credit Fund Cuts Asset Values By 5%, As Golub Gates After 8.5% Redemptions Just another day in private credit paradise... er, hell.  One day after Gundlach repeated his warning that the private credit crisis will end in tears for bagholders, Blackrock cut the value of its publicly-traded private credit fund by about 5%, as it - like most of its peers - struggled under the weight of troubled loans, markdowns and lower returns. BlackRock TCP Capital Corp., a publicly traded middle-market lending fund, said markdowns totaled $35 million in the quarter...

Buried On The 4th Of July: Mediators Pledge Quiet Between US, Iran To Allow For Ayatollah Khamenei's Funeral President Trump by mid-week told reporters that the "denuclearization of Iran is moving along well" and that "very good meetings" are being held in Doha - even though no direct talks have taken place, but only an exchange of messages via mediators. On Wednesday US officials told regional media that no frozen Iranian funds have been released, nor will they be until Iran complies to what's been laid out in the MoU....

The Weak Dollar Narrative Authored by Lance Roberts via RealInvestmentAdvice.com, We have spent a lot of time over the last year debunking “narratives,” which are dangerous to investors, as “narratives” create a rationalization for overpaying for assets. Nonetheless, Wall Street loves a simple story and is happy to jump on a trend with momentum, selling products to unwitting consumers. A good example of that lately has been the “weak dollar” narrative, which has pushed investors to chase foreign assets. The negative correlation between a weak dollar and rising international stock exposure appears to be a free return. Unsurprisingly, the...