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As macro conditions evolve, market dislocations are revealing key asymmetries. EM relative value, credit market repricing, and rate path uncertainty are shaping strategic asset allocation into H2 2025. Ceteris Paribus Outlook open.substack.com/pub/ceterispar…

Despite persistent market narratives around stagflation or recession, current U.S. data reflects neither. Growth is moderating, inflation is cooling, and labor markets remain resilient. ceterisparibusanalytics.substack.com/p/stagflation-…

Private credit isn’t the “alternative” anymore it is the market. As banks retreat, non-bank lenders are reshaping corporate finance, deal by deal. A structural repricing is underway. open.substack.com/pub/ceterispar…