After completing the road trip and listening to institutional investors, company management teams, and the financial press, I can tell you there is a healthy skepticism in the market place. It is so pervasive that I have reached out to key credit experts to ask if they were seeing anything that was making them nervous that the flow of money was either slowing dramatically or shutting down. In our June Strategy Slide Deck, we highlighted how inflation is giving the Fed room to ease and how our favored areas of credit are still at or near the best levels of the cycle. It is really an important point when the chatter around the street is all about recession. It is hard to have a credit crisis driven recession when there are no signs of credit stress in delinquency rates, corporate spreads, or Fed based credit stress indicators.
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