This month’s research analyzes the credit conditions facing the consumer and the conditions facing the commercial space. Following a yield-curve inversion in Quarter 1 , the 10-year yield has regained yield and its yield is now greater than the 3-month. This inversion is having ramifications for both the consumer and the business as our U.S. and global economy activity remains tightly correlated to the availability and price of credit. Some areas of credit such as credit cards have tightened substantially while on the business side, leverage has remained relatively stable.
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In my professional experience, one of the hardest things to articulate and convey to clients and all market participants is how truly difficult it is to actually close an M&A transaction. To actually get a deal all the way across the finish line is incredibly complicated and difficult.
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