Four years after the sea change in interest rates began, the tide hasn’t reversed. The rate hikes of 2022 weren’t just a blip in a multidecade yield compression trend—they initiated a fundamental repricing of capital.
Expected rate cuts have not materialized and government bond yields are well above 2022 levels, with the U.S. 10-year Treasury yield recently crossing the symbolic 5% threshold.
To read more, Credit Quarterly: New Terms, please visit: https://www.oaktreecapital.com/insights/insight-commentary/market-commentary/credit-quarterly-new-terms
See more: Rates Are High, But Credit Is Easy
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