U.S. credit markets remain constructive into year-end, with Q3 GDP up 4.3% annualized on resilient consumer spending and stronger net exports. The Fed is holding rates at 3.9% while signaling gradual cuts and renewed balance-sheet support, adding liquidity. Corporate and bank fundamentals are solid—S&P 500 margins near 69.8%, business delinquencies at 1.3%, and Tier‑1 capital at 14.1% with significant lending capacity implied—supporting a favorable backdrop for selective capital deployment into 2026.