US Announces a Series of Airstrikes in Somalia

Private Credit: The New Junk Bond Market Authored by Ed Dowd via Beyond the Narrative, Private Credit: The New Junk Bond Market...Except It Lacks Transparency, Liquidity & Is About To Be Stress Tested History Private credit was born from the ashes of the Great Financial Crisis. In the aftermath of that debacle, regulators moved to limit the risks banks could take. Loans deemed too risky were no longer being originated by commercial banks. To fill that void, non-bank lenders stepped in, creating what is known as private debt or direct lending market. You...

There's More Juice Left In The Trade For Higher Real Yields Authored by Simon White, Bloomberg macro strategist, TIPS continue to mean revert and risk overshooting to the downside, leading to a continuation in rising real yields. Real yields in the US have had a remarkably good run, with 10-year reals bottoming at about 1.72% at the end of March and rising to near 20-year highs at 2.43% currently. That’s even more remarkable when you consider that oil has on net risen almost 70% over the same period. TIPS were overbought coming into...

Virginia Redistricting Rout Deals Major Blow To House Republicans Democrats’ decisive win in Virginia Tuesday night has dealt a significant blow to Republican hopes of retaining control of the House. By persuading voters to dismantle the state's independent redistricting commission - created just six years ago - Democrats wiped out four Republican-held congressional districts. This means Virginia's House delegation is now on track to shift to a 10-to-1 Democratic advantage, a dramatic reversal for a state that remained firmly in GOP hands not long ago. That said, Democrats dropped $65 million on the races...