AI, commodities and the cost of capital
The biggest risk in credit may not be a collapse in corporate fundamentals. It may simply be that there is too much debt competing for the same pool of investible cash, while the cost of building and maintaining the physical economy is becoming more expensive.
The Burnham bounce in bonds may be behind us
There is no doubt that the summer of 2026 will be remembered for two things: the remarkable run of sunshine in the UK and the relative smoothness of the Labour Party’s leadership transition.