No Secretary Bessent, We Aren't Magically Growing Our Way Out Of Debt

VP Vance Confirms Hormuz Strait To Reopen 'Toll Free', Says 'Israel Has Seat At Table' Summary: Vice President JD Vance Begins Optics Roadshow to Boost Investor Confidence On Deal  Iran Offers 60-Day Toll-Free Hormuz Transit As 100s Of Ships Await Reopening VP Vance Not even 24 hours after President Trump declared a peace deal with Iran to reopen the Strait of Hormuz, and just 30 minutes before New York futures opened Sunday evening, the administration already had Vice President JD Vance beginning a media roadshow to calm investor nerves and boost confidence. Vance began the...

Super El Nino: Famine Follows War? Rory Green, TS Lombard's chief China economist, is the latest Wall Street strategist to warn of the mounting macro and food inflation risks that a super El Niño could release on certain regions of the world. In a note titled "Super El Niño: Famine Follows War?" Green warns that war-related disruptions to energy and fertilizer markets, compounded by adverse weather conditions, could create a perfect storm for global food prices. Green said, "In general, El Niño raises temperatures and significantly exacerbates both drought and heavy...

"Strain Is Spreading": FT Exposes Private Credit Distress At Decade Highs Since last fall, we have repeatedly flagged the private credit sector’s growing vulnerabilities. Earlier coverage detailed how the asset class ballooned into a $2-3 trillion opaque market after banks retreated from riskier lending, only to face a wave of high-profile defaults (First Brands, Tricolor), surging redemptions that forced gates at major vehicles, rising PIK usage, and AI-related risks to software-heavy portfolios. In February, the red flag got about as red as it gets... Private Credit Rocked By UBS Shock Outlook: Record "Cascading...