OUTLOOK

The medium-to-long-term prognosis with respect to US inflation is murkier.

Time will tell whether inflation continues its recent downtrend into the latter half of 2023 or whether the Fed will need to eventually resume its policy tightening.

We are in a golden era of private credit.

In four years, private credit will be double the size it is today.

The demand for capital around the world over the next 5 to 10 years is only going up.

All of that leads to an environment in which there's a fair amount of muddiness and a lack of clarity around where the economy is headed.