Morning Note | Sept 14, 2023 | Loans Still Working As An Inflation/Rate Hedge
Summary
Producer Price Index rose 0.7% for the month, higher than expected.
Core PPI in line with estimates at 0.2%.
Wage inflation cooling in the US and eurozone, indicating softening in the labor market.
Loan funds continue to work well with NAVs up nicely in the last month and discounts still wide.
We can take advatnage of the discounts, and distribution increaes, with term loan funds from Blackstone. I added to BGB yesterday.
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