Van Hesser's 3 Things in Credit - A KBRA Podcast

This week, our 3 Things are:

1. Economy strong, spreads wider? That needs an explanation.

2. Pre-conflict oil. If you follow the headlines, this is a surprise.

3. Real, real rates. Bonds are back.

This week, our 3 Things are:

1. Tightening uncertainty. What does history tell us about hiking cycles?
2. Rates and growth. Just how influential is the rate environment?
3. Q3 earnings. Will the extraordinary streak continue?

This week, our 3 Things are:

1. J.B. Hunt’s warning. On-the-ground color on the cost of inflation.

2. Commodities rising. And it’s not just oil.

3. Good hike/Bad hike. How do we think about this week’s hike?

This week, our 3 Things are:

1. Stock market correction. Stocks are at all-time highs, you say? We observe a correction.

2. Rates and oil. That correlation is hard to ignore—or discount.

3. Consumer concern. New reports out of the Fed show some worrying signs.

This week, our 3 Things are:

1. Uncertainty returns. That improved visibility we enjoyed in 2H 2025 has diminished. 
2. The Forward Look. Our latest quarterly publication dimensions key issues shaping credit. 
3. Leveraged finance trends. Several market markers have turned positive.  

This week, our 3 Things are:

1. The long end. What’s known, what’s changing. 
2. Easy financial conditions. What’s all this concern about rates???  
3. Retailer week. Housing in focus.   

This week, our 3 Things are:

1. Caterpillar earnings. A blowout, but what does it say about the AI story? 
2. Data center dimensions. Driver of the broadening out.  
3. Bonds as a hedge. Checking in on correlation.   

This week, our 3 Things are:

1. Q2 GDP. It’s better than the headline, but… . 
2. Consumer resilience. Visa and Capital One provide views across the consumer landscape.  
3. Recalculating inflation. Improvements are on the way.   

This week, our 3 Things are:

1. Oil vs. distillates. Time to focus on what actually drives the economy. 
2. Rising uncertainty. After a welcome reprieve, it’s back.
3. U.S. exceptionalism. An update from McKinsey makes the case.  

This week, our 3 Things are:

1. AI debt issuance. Just how big is it? 
2. Updating the Fed. Challenging conventional thinking is a good thing. 
3. Big bank credit color. The latest look from the largest lenders.