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which arise and decline over periods of time that vary too much to qualify as cycles but match the dynamics of waves described by Fischer. After declining for roughly 40 years, bond yields have ...

Blue Owl Capital (OBDC) trades ~23% below NAV amid worsening private credit liquidity. Read more macro analysis here.

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In public finance, some costs are politely kept off the books. The ocean has long been one of them. Governments often speak ...