Buffet

Meanwhile, the Fed is considering hiking rates more, and Chair Jerome Powell’s recent testimony suggests that he would like to keep them high for years. Banks, buffeted by a crisis in regional banks this spring, are starting to pull back on lending, which will only add to the pressure on indebted companies.

In other words, things could get a lot worse from here for credit markets. Sløk titled one recent note to investors, “A default cycle has started and investors aren’t paying attention.”
–Barron’s