This week, our 3 Things are:

1. Oil glut. The price of the commodity has plunged and is likely to stay that way in 2026.
2. Credit cycle. Phases are irregular, and the conditions for pushing into recession are dormant. 
3. 2026 themes. We tally up things worth watching.

This week, our 3 Things are:

1. Spread wideners. Dormant forces have awakened.

2. Private credit color. Fresh views from Goldman’s financials conference.

3. 2026 risks. A better-than-expected 2025 is no reason for complacency.

This week, our 3 Things are:

1. Coming tailwinds. Sizable stimulus is set to hit in 2026. 
2. Fed drama. It seeped into markets this week. Is it here to stay? 
3. Private credit data update. Some weakness as you would expect, but surprising fundamental strength. We’ll catch up with Bill Cox, KBRA’s Chief Rating Officer, on the topic.

This week, our 3 Things are:

1. Home Depot’s warning. Consumer durability is under pressure.
2. Private credit growth. Tracking leveraged finance growth is more relevant. 
3. AI bubble and credit. Much-needed perspective on the topic of the day. 

This week, our 3 Things are:

1. Holiday spending. Will the wealthiest among us offset the headwinds?
2. Surging earnings. It’s more than just mega tech. 
3. Senior Loan Officer color. After Tricolor and First Brands, the Fed’s out with its latest survey. 

This week, our 3 Things are:

1. Private credit color. Two big lenders weigh in with what they are seeing.
2. Reduced uncertainty. Wait a minute! There’s plenty of uncertainty, right? 
3. Consumer belt tightening. It’s spreading. 

This week, our 3 Things are:

1. Consumer no confidence. Surveys, for what they’re worth, are headed in the wrong direction.
2. Credit course correction. Lenders everywhere are scrubbing portfolios and processes. That comes at a cost.
3. To cut or not to cut. All of a sudden, December’s in play.

This week, our 3 Things are:

1. GM blowout. What does this signal about the broader economy?
2. U.S. consumer. We’ve got useful updates on loan quality and spending strength.
3. Bubbles. The chatter is increasing. We’ve got some thoughts.

This week, our 3 Things are:

1. Cycle turn? Lots of press this week on credit deterioration. How real is it?
2. Big bank credit color. It’s an important counterpoint to our first Thing.
3. Oil’s price drop. That’s good for consumers and businesses, right? Well …

This week, our 3 Things are:

1. Credit “froth.” How real is it? 
2. Growth quality. The outlook is brighter, but is it vulnerable?
3. Q3 earnings. A solid headline growth number, but weakness underneath.