This week, our 3 Things are:

1. Uncertainty. It’s there, but it’s not as bad as you might think.

2. Liquidity. The lack of liquidity clearly affects credit—but it also affects inflation.

3. CLOs. They have been a laggard in terms of returning to normal.

This week, our 3 Things are:

1. Disintermediation of banks from riskier lending. It’s a positive development for credit markets.
2. The importance of the forward look. Be careful about relying on backward-looking indicators.
3. A good week for spreads. Will it hold up?

This week, our 3 Things are:

1. Inflation and credit. This week’s hot CPI and PPI prints increase the likelihood of a harder landing in credit.
2. “Worst ever” sentiment surveys. We’ll provide some perspective.
3. Earnings in a recessionary and rising rate environment. We’ll help you define those dimensions.

This week, our 3 Things are:

1. Corporate earnings. Growth should slow, but remain good enough for credit.

2. KBRA Altman Default Forecast. Our latest reading has jumped significantly.

3. Lack of Economic Excesses. That points to a shorter and shallower downturn.

This week, our 3 Things are:
1. Commodity price plunge. The narrative around much-discussed supply is shifting.
2. Consumer staples. After a period of heightened event risk, the sector’s defensive nature is conveniently returning.
3. Texas Manufacturing Outlook Survey. Activity in the Lone Star State has fallen dramatically.

This week, our 3 Things are:
1. An oil spike. It often triggers central bank tightening.
2. Sentiment surveys. See if you can find some optimism; we can’t.
3. Bank stress tests. The outcome can be the difference between a mild and a more severe recession.

This week, our 3 Things are:
1. Inflation. It continues to bedevil markets.
2. Fed forecasts. Here’s a perspective on the labor piece.
3. Uncertainty leads to volatility. We’ll weigh the bull and bear cases.

This week, our 3 Things are:
1. The energy spike. It’s likely to get worse.
2. Equity valuations are still high. Why do we care?
3. The redevelopment of JFK Airport. A unique public-private partnership.

This week, our 3 Things are:
1. Growth shock. It’s the new inflation.
2. ISM Manufacturing stops its skid. We have a non-consensus view.
3. Consumer spending. BofA and Amex give fresh perspectives.

This week, our 3 Things are:
1. Uncertainty. We’ve got more now than we’ve had for some time. Two market heavyweights give us updated perspectives.
2. Tightening. The Fed’s jawboning has been effective.
3. Rising distress. Recent movements confirm an up-in-quality view.