It's a summer Friday, two days past the most important Wednesday of your career, why are you reading this?
Yesterday saw headline PPI post a decline of 0.2% MoM with core PPI flat MoM, both lower than expected. Jobless claims rose more than expected, but remain low. Many market participants believe the recent inflation data rules out the chance of a rate hike from here.
The 30Y Treasury auction was referred to as "stellar" as it priced 1.5bps inside when-issued. Is it falling inflation, falling growth expectations, both that helped bolster demand? In any event today's supply didn't look like an issue.
If you guessed all-time highs on equities you were right.
On the day head it's UofM sentiment as the highlight.
XTOD: Private equity is coming to college athletics. As detailed in this article, the Big 12 is considering an equity investment of up to $1 billion for 20% of the conference. Another example demonstrating that college athletes are professional athletes. https://cbssports.com/college-football/news/big-12-considering-private-equity-investment-of-up-to-1-billion-for-as-much-as-20-of-conference/
XTOD: Private equity is going to blow up the world.
XTOD: The question for private credit is how much continued growth depends on expanding:
- retail access - redeem-ability - secondary market liquidity - leverage (!!)
By all accounts, all these features are becoming more common. The asset class quickly starts looking a lot different. Leverage is the key because it’s the only way outsize relative growth can continue. You can’t somehow recreate the 15x levered banking system on 1x leverage.
https://x.com/WinterSportsLaw/status/1801267324760072499
https://x.com/dailydirtnap/status/1801296282461290611
https://x.com/StevenKelly49/status/1801337662176960836
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