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.  

This week, our 3 Things are:

1. Jobs’ weakness. The June report confirms all is not well. 
2. Q2 earnings. We’re set up for a strong quarter.    
3. Robust  consumer spend. So says one well-informed observer.  

This week, our 3 Things are:

1. Rates vs. oil. There’s been a breakdown in the relationship. 
2. Critical thresholds. We’re highlighting three worth watching.    
3. REITs vs. BDCs. Two peas in a pod, right?     

This week, our 3 Things are:

1. Deflation. It’s a check on the market’s most significant near-term risk. 
2. Credit loss cycle. Is it upon us? 
3. CCC signal. What the weakest credits are suggesting.