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Fitch puts US private-credit defaults at a record 6%, with most stress hidden in PIK. The Big Three split their stewardship. The Fed reshuffles its fears. One chart, one take.
March TIC data: governments sold US securities, private money bought $162bn. China at a 17-year low. Central banks bought 244 tonnes of gold. One chart, one take.
Blue Owl and Blackstone funds hit redemption limits, defaults at a record — yet CalPERS, APG and Nest keep buying. Plus: CalPERS retires asset allocation. One chart, one take.
NBIM pivots its $2.1T fund toward AI-adjacent sectors, PIF anchors a Saudi ETF, OTPP halves its dollars — and the FSB names private credit's transparency problem.
The FSB flags private credit; pensions commit $84.8B anyway; Norway stress-tests fragmentation.
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