Credit Market Update – November 2025

U.S. economy maintains resilient momentum into late 2025 with moderating growth, easing policy, and ample liquidity.

  • Q2 2025 GDP was revised up to 3.8% on strong consumer and investment activity, with growth expected to ease to 2% by year-end—a temporary moderation ahead of expected 2026 support from the Big Beautiful Bill (BBB).
  • The Fed has cut rates to 3.50–3.75% and may ease further by up to 100 bps as it shifts from tightening to renewed liquidity support. Unemployment has ticked up to ~4.6%, signaling a cooling in labor conditions.
  • Capital markets remain firm: global private credit exceeds $2.6T, M&A is rebounding across tech, healthcare, and infrastructure, and financing conditions are improving.

Bottom Line

Growth is slowing but stable, inflation is contained, and monetary policy is turning supportive—creating a constructive backdrop for selective capital deployment into 2026.

👉 Read our latest U.S. Credit Report for full insights and updates.

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Meet Mitch Vermet,

CFA, CAIA
Managing Director
Our other Managing Director, Mitch Vermet, CFA, CAIA, has a decade of experience in institutional asset management and investment banking. He has served as an integral asset within close-knit investment teams responsible for building portfolios and allocating tactical assets for over $30 billion in institutional capital.
Since earning a BA in Economics from the University of Michigan and an MA in Management from the Ross School of Business at the University of Michigan, Mr. Vermet has demonstrated mastery in helping clients manage and structure their balance sheets with strategic asset liability management solutions. He has built a reputation for helping clients strategically manage risk while capitalizing on opportunities across unique macroeconomic scenarios, lending valuable expertise and foresight to clients.  

Mr. Vermet is a member of the CFA Institute and CAIA Association. He is also a Registered Representative of BA Securities, LLC, and a member of FINRA and SIPC.

Meet Richard Consul,

CFA
Managing Director
Richard Consul, CFA, brings unmatched expertise and experience as one of our Managing Directors. Mr. Consul has over 20 years of domestic and international secondary market expertise as a Senior Portfolio Manager and Fixed Income, Currency, and Commodities Strategist.
Since earning a BBA in Finance and an MSE in Financial Engineering from the University of Michigan, Mr. Consul has served as a dedicated business partner to many corporate, banking, and insurance clients. He has built a reputation for helping clients solve and overcome various complex liquidity, risk management, ALM, and secondary market challenges. 
Mr. Consul has lent his expertise to countless financial publications and platforms, including Asset TV, a renowned video research platform for investment professionals. He is a member of the CFA Institute and has received certifications in Securities Industry Essentials (SIE), Series 82, and Series 63 through FINRA.