This week, our 3 Things are:

1. The Fed. Something for everyone.

2. China. More thoughts on its impact on credit.

3. Market tone. It's better, for now.

This week, our 3 Things are:

1. Hard data confirming slowdown. It’s here.

2. Earnings recession. It’s not good for credit, but magnitude matters.

3. Market-implied recession models. They can be misleading.

This week, our 3 Things are:

1. Deterioration. When will it show up?

2. Unemployment. When (and where) will it show up?

3. Big bank results. We’ll summarize what the biggest players in credit are seeing.

This week, our 3 Things are:

1. A softer landing. How possible is it?

2. Corporate margins. Contracting, yes, but how meaningfully to credit?

3. Services demand. The latest data says it’s falling—what this means for spreads.

This week, our 3 Things are:

1. A new credit paradigm. It’s here and it’s different.

2. China’s reopening. That’s good, right? Maybe…

3. Labor market. What’s good for consumer finance might not be good for economic growth. We’ll explain.

This week, our 3 Things are:

1. Growth concerns. Inflation concerns are so 2022.

2. Bank valuations. What those say about this cycle.

3. Treasury volatility. It should settle down.

This week, our 3 Things are:

1. KBRA’s European Securitization Survey. Fresh insight into investor sentiment.

2. Credit’s canary in the coal mine. A Bloomberg survey shows what investors are watching.

3. Consumer borrowing. It’s rising sharply. It fits the Fed’s narrative.

This week, our 3 Things are:

1. Credit spreads. Why aren’t they wider?
2. Catalysts. We’ll explore those to the upside and those to the downside.
3. Economic indicators. We’ll walk through those worth paying attention to.

This week, our 3 Things are:

1. Pain. It continues to guide the Fed.
2. Walmart and Target. Extraordinary earnings releases provide updated color on the health of the U.S. consumer.
3. Retail sales. Better than expected, but not helpful to the cause.

This week, our 3 Things are:

1. A cool CPI print. It is but one data point, but it suggests inflation is coming under control.
2. Avoiding recession. It’s not our base case, but two highly credible voices lay out how it could happen.
3. Debt ceiling. It’s back on the radar, and it’s the thing no one wants to talk about.