Phil, Mike, and Larry talk about the health of the U.S. Shadow Banking system and private equity firms following the slew of recent bank failures. A recent Bank of America survey found that investors’ biggest concern in the wake of these failures is a systemic credit event that could be caused by the shadow banking system. They then address the Bank of Japan appointing a new leader who is expected to raise Japanese interest rates. They discuss if this could cause Japanese investors, the biggest foreign holders of U.S. government bonds, to sell those bonds.

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