Mill Creek Private Debt: Navigating a Higher-for-Longer Interest Rate Environment (White Paper)

Fixed income markets have steadily declined since early 2022 when investors began acknowledging the potential for above-trend inflation and aggressively priced in fed funds rate hikes. Over this period, the yield on the benchmark U.S. 10-Year Treasury Bond rose by over 200 basis points, accompanied by a surge of 500 basis points in short-term rates. This market rerating has triggered a cascading impact on all risk assets, including the private debt markets. The asset class includes debt securities that are typically originated and owned by nonbank institutions and do not have centralized exchanges for trading on a regular basis.

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Any views expressed above represent the opinions of Mill Creek Capital Advisers ("MCCA") and are not intended as a forecast or guarantee of future results. This information is for educational purposes only. It is not intended to provide, and should not be relied upon for, particular investment advice. This publication has been prepared by MCCA. The publication is provided for information purposes only. The information contained in this publication has been obtained from sources that

MCCA believes to be reliable, but MCCA does not represent or warrant that it is accurate or complete. The views in this publication are those of MCCA and are subject to change, and MCCA has no obligation to update its opinions or the information in this publication. While MCCA has obtained information believed to be reliable, MCCA, nor any of their respective officers, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.

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