17 min readKey Takeaways If you’ve read the headlines lately, you might think the American consumer is finally buckling. In late May, The Wall Street Journal reported that the share of credit card balances at least 90 days past due climbed to 13.12% in the first quarter – the highest level since the aftermath of the 2008…
11 min readKey Takeaways Private Credit Hits the Headlines: Key Stress Events Over the past few weeks, private credit has moved from a niche corner of finance to front page news: Is this similar to the 2008 Financial Crisis? At a glance, these headlines make it feel like it is—it’s not. But it’s not nothing, either. The…
10 min read10% Credit Card APR Cap: How It Could Shake Up Banks and Borrowers Last month, President Trump revived calls for a one-year 10% cap on credit card interest rates to provide financial relief amid an affordability crisis. If passed, this policy would limit the maximum annual percentage rate (APR) that credit card companies can charge to…
13 min readIf you’ve been skimming headlines lately, it’s easy to assume that credit risk is suddenly everywhere. An auto-parts borrower collapses amid allegations of double-pledged receivables. A subprime auto lender goes under and dents a few banks’ earnings. Several regional banks disclose fraud-linked commercial loans. Regional bank stocks wobble. It feels like the start of something…
8 min readKey Takeaways: The Revision That Sparked a Crisis of Confidence in U.S. Economic Data The Bureau of Labor Statistics (BLS) revised payrolls down by 911,000 jobs for the 12 months through March – the largest preliminary benchmark revision since 2000.[1] Markets flinched, and Washington quickly made it a referendum on trust in U.S. labor statistics….
7 min readKey takeaways: On June 26, 2025, the Federal Reserve proposed significant changes to the enhanced Supplementary Leverage Ratio (eSLR), loosening a key capital constraint that has long limited how large banks use their balance sheets. While this move could unlock billions of dollars in capital, improve treasury market liquidity, and reshape bank’s capital allocation strategies,…
8 min readMichelle “Miki” Bowman’s nomination as the Federal Reserve’s Vice Chair for Supervision was confirmed by the U.S. Senate on June 4th, 2025[1]. The confirmation aligns with Washington’s broader effort to unwind regulatory safeguards implemented after the Global Financial Crisis. During her testimony in April, Bowman advocated for “pragmatic tailoring”, adjusting capital buffers, accelerating merger approvals,…
6 min readAs President Trump’s administration kicks off its second term, one of its most contentious executive orders—the mass deportation of undocumented immigrants—is already stirring debate. The policy is primarily aimed at widening enforcement of immigration laws, which could have a seismic impact on U.S. macroeconomic conditions. In this blog, we will dissect how the deportation policy…