Recent AI-related volatility across risk markets mixes signal with noise. The more important task is to recognize that we are in a multiyear buildout and to invest with that sequencing in mind.
Among the factors driving equity market swings recently and since summer, monetary policy – and very recently, the fear of a misstep in monetary policy – has been particularly powerful.
The U.S. banking industry is entering a new era in which regulated banks and private lenders are increasingly intertwined. We believe this trend will continue to open attractive opportunities for dynamic allocation across the credit spectrum.