Private credit fund redemptions are surging rapidly.Several asset managers have also begun suspending withdrawals. https://t.co/9hvOJbUK6T ...

some pretty volatile times that we're experiencing. What What do you do in a period like this. >> Yeah, they don't get more exciting than this.Well, look, you have to look through the noise. I mean, uh before last night, I wasn't sure exactly what we were going to talk about today. Uh but I thought the right thing to actually discuss was to look through the geopolitical events because at some point they will resolve themselves and look at what the basic underlying uh economy is doing.And basically, it's pre ...

Crypto things you might have missed:-Jamie Dimon: Private credit losses larger than feared-Spot $XRP ETFs saw net outflows last week-Bitcoin short-term price top signal triggered-Solana launches new skills for AI agents-Anthropic exposes source code for Claude’s AI coding ...

Bitcoin is a scarcity asset. Remember, the theme has been long scarcity, short abundance. That trade has made a lot of money this year for people. I know it because people still want to see me when I go out on the road. If it didn't work, they wouldn't want to see me. And I think we're only in the early stages of it. And Bitcoin will be part of it. Just like oil has been part of it. And I warned about oil for a year. It took a little while. We finally got there. The Fed's going to be in decision-m. Remember ...

About 2 minutes away from the end of the trading day. Katie Greifeld here with Scarlet Fu. She's in for Romaine Bostick.And here to help take us through the closing bell. It's a global simulcast, Carol Massar and Tim Stanwick, we welcome them and now we bring together all of our various audiences to talk about. Boy, what a comeback.Carol Massar It looks like the S&P 500 is going to finish just a little bit higher. Not what you would have thought maybe at 930, 10:00 this morning. Who are these people who, li ...

Private-credit evangelist Stephen Nesbitt’s Cliffwater is racing to calm investors after steep withdrawals https://t.co/oGNsHzlKHh ...

Private credit’s first real stress test is exposing problems early enough to fix them, Aaron Brown says (via @opinion) https://t.co/lu0TppTGsH ...

Market Overview - The stock market experienced its worst month since March 2020, with the stock 600 index declining significantly and both the NASDAQ and Dow entering correction territory [1] - Brent crude oil is on track for its largest monthly gain ever, indicating volatility in energy markets [1] Equities and Investment Opportunities - There are potential entry points for medium-term investors as the S&P 500 correction may be nearing its end, with current multiples in the US being stretched but not excessively so [3] - European stocks are viewed as compelling investments, especially if geopolitical tensions ease, such as the end of the war in the Middle East [4] - Gold miners are highlighted as attractive investments, being 20-25% cheaper than a month ago, with production costs remaining favorable [13][14] Bond Market Dynamics - The bond market has seen a rapid repricing, particularly in the short end, due to inflation concerns and central bank policy adjustments [8] - Central banks are expected to adopt a more nuanced approach, focusing on growth concerns rather than solely inflation, as rising energy prices pose challenges for consumers and corporations [9] Central Bank Policies - Markets are pricing in three rate hikes by the ECB by the end of the year, while the Bank of England is also expected to raise rates [16] - Central banks may look through current inflationary pressures, but there is potential for one or two hikes depending on the persistence of economic conditions [20] Economic Impacts of Oil Prices - Higher oil prices are seen as detrimental to economic growth, with a potential threshold around $100 to $150 per barrel that could force central banks to hike rates [21][22] - The impact of oil prices on inflation expectations and economic growth remains a critical concern for central banks [22] Risks in Private Credit and Valuations - Concerns about private credit and stretched valuations persist, with potential risks becoming more apparent in a growth shock scenario [29][30] - The fundamentals of the market may not return to pre-war conditions, as underlying risks in private credit and valuations could be exposed [28]

Group 1: Market Overview - The S&P 500 Index experienced a decline of over 7% in March due to the ongoing US-Iran war, with the Fear and Greed Index reaching its lowest level in months [1][2] - The index was trading at 6,343, down more than 9% from its highest point this year [1] Group 2: Key Catalysts - The primary catalyst affecting the S&P 500 Index is the US-Iran war, which has increased market volatility and driven energy prices above $100 [2] - There is potential for de-escalation in the conflict, as reports suggest that Trump may be willing to end the war after achieving military objectives [3] - Iran's influence on the war's duration could lead to prolonged high oil and natural gas prices, impacting the S&P 500 Index [4] Group 3: Corporate Earnings - The upcoming earnings season starting April 14 is another significant factor, with major companies like JPMorgan, Wells Fargo, and Citigroup set to report [5] - Analysts predict a 13% growth in corporate earnings for Q1, marking the sixth consecutive quarter of double-digit gains [7] Group 4: Federal Reserve Interest Rate Decision - The Federal Reserve's interest rate decision in April is crucial, with expectations to maintain rates between 3.50% and 3.75% [8] - The bond market indicates potential for rate cuts, influenced by the ongoing war and economic conditions [9] Group 5: Private Credit Concerns - The S&P 500 Index is also reacting to concerns in the private credit industry, where significant outflows from major firms like Blue Owl and BlackRock have raised contagion fears [10]

Core Insights - The article discusses two ETFs that offer yields of 10% or more without relying on covered call options, highlighting the associated risks and complexities of these investment strategies [2][11]. Group 1: ETF Overview - The VanEck BDC Income ETF (BIZD) provides exposure to Business Development Companies (BDCs), focusing on middle-market lending, and currently offers a distribution yield of 12.71% [15][18]. - The BondBloxx CCC Rated USD High Yield Corporate Bond ETF (XCCC) targets CCC-rated bonds, providing an 11.23% 30-day SEC yield, and distributes income monthly [24][22]. Group 2: Risk and Performance - BIZD is sensitive to credit conditions, with a year-to-date decline of 10.27% as of February 28, but has delivered an annualized total return of 8.65% over the past decade [18][15]. - XCCC has shown a favorable performance with a 13.17% annualized total return as of December 31, 2025, but carries significant default risk due to its focus on lower-rated bonds [25][21]. Group 3: Structural Considerations - BIZD's high expense ratio of 12.86% is primarily due to fees from externally managed BDCs, with the actual management fee being around 0.40% [15][17]. - XCCC's income is not tax-efficient, as high-yield corporate bond income is taxed at both federal and state levels, potentially reducing after-tax yields for investors in higher tax brackets [26][25].