The most worrying and reassuring signals in the US economy

Private Credit Market Concerns - Investors are concerned about private credit due to recent collapses like Tricolor Holdings and First Brands [1] - Jamie Dimon's "cockroaches in the economy" comment raised concerns about hidden risks in the credit market, not specifically an attack on private credit but a point about the credit cycle [1][2] - The rapid growth of private credit compared to banks raises questions about regulatory balance; either banks are over-regulated, or private credit is under-regulated [3] Systemic Risk & Regulation - The systemic risk of large private credit issuers is unknown, and the industry is not predicting a repeat of the 2008 financial crisis [4] - The credit cycle may be near its peak, but current pricing doesn't reflect this, creating a risk of a significant downturn [4]