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Tis the season of outlooks and reviews. As we did last year, this month we’ll share some books, podcast and other things that have influenced our team’s thinking during 2024.

We examine what the new Trump presidency means for the US sovereign, discussing which parts of the private credit market are most exposed to the prospects of higher deficits.

The September Quarterly Report highlights a divergence in credit market performance, with high yield appearing expensive relative to investment grade, while private markets offer more attractive opportunities amid increased scrutiny of default rates.