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You Can Buy This 11% Yielder For 78 Cents On The Dollar. If You Trust The Marks.
OBDC's 22% discount to NAV is either the market's verdict on private credit, or a gift. It is probably some of both.
The Fed’s First Hike in Three Years, and Copper Went Right Back to Its Record
The Fed delivered its first hike in three years and the 10-year brushed 5%, the BoJ went to its highest rate since 1995 and the yen kept sliding, and copper ignored all of it, climbing back within 1.1% of its record while gold snapped its losing streak.
The Offense Lost Its Quorum
Treasury Rotation flips defensive, the lumber-gold gap blows out to nineteen points, and both remaining offensive readings lose conviction. The composite tilts risk-off at -18.
Tech Extremes as the Fed Hikes: XLK/SPY Hits +2.65 Sigma, Framework Streak Reaches Week 6, Credit Holds
XLK/SPY at +2.65 sigma, XLU/SPY at -3.01 in Week 6 of the deeply broken framework, credit confirms risk appetite as the Fed hikes into tech strength