Chart of the Week

The Conference Board index of ten leading indicators points to only a modestly slowing economy.

Forward expectations for loan benchmark rates are peaking in early 2023.

The illiquidity premium for middle market loans is a staple regardless of how spreads change.

The middle market illiquidity premium persists for all but the briefest volatile periods.

Recent concerns about rising rates and a possible recession has weighed on public equity multiples.

Since year-end 2021, previously performing sectors have seen selloffs in public equities.

While the Fed may push rates up to 3%, that’s nowhere near historic highs.

Public equities have been down double-digits in 2022 for a variety of reasons

Real GDP was higher at the end of the mild 2001 downturn than it was at the beginning.

Certain sectors are expected to fare better than others in a rising rate environment.