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Good morning. Private credit funds are freezing withdrawals, and oil just cleared $100 again despite the largest emergency reserve release in history.
Markets
|
Level |
YTD |
MTD |
| S&P 500 |
6,775.80 |
-1.2% |
-1.5% |
| Nasdaq |
22,716.13 |
-2.2% |
-0.1% |
| Dow Jones |
47,417.27 |
-2.0% |
-3.0% |
| 10Y Yield |
4.21% |
+2bp |
+16bp |
| WTI Crude |
$87.25 |
+52.2% |
+22.5% |
| Gold |
$5,167.40 |
+19.8% |
-2.4% |
| Bitcoin |
$70,205 |
-20.9% |
+6.8% |
The Dow is heading for its third losing week in a row, with S&P futures down 1.11% and Nasdaq futures down 1.29%. Oil is back above $100 a barrel as tankers continue to avoid the Strait of Hormuz despite the IEA releasing 400 million barrels from emergency reserves. Meanwhile, Morgan Stanley and Cliffwater have capped investor withdrawals from their private credit funds, raising concerns about loan quality across the sector.
Advisor Talking Point
Your clients may own private credit without knowing it
Deutsche Bank flagged $30 billion in exposure to the private credit sector. As funds restrict withdrawals, clients in "moderate" or "balanced" accounts might discover their holdings include loans they can't sell. Lenders are demanding their money back, and it's spreading. This is the moment to check what's inside multi-manager funds and any alternative investment holdings.
The risk isn't just that these funds lose value. It's that clients can't get out when they want to. When a fund limits redemptions, it's telling you the underlying assets are hard to sell at a fair price. Advisors should be proactively checking accounts today so clients hear it from you first, not from a headline.
If a client asks about the private credit news
Some of your fund positions may have indirect exposure to private credit. When a fund restricts withdrawals, it means the underlying loans are harder to sell. We're reviewing your accounts today and will call if anything needs attention.
What to Watch
| Today (March 12) |
| 8:30 AM |
Unemployment Claims (weekly) |
| 10:00 AM |
Consumer Confidence (Michigan) |
| Earnings |
Adobe (ADBE), Dollar General (DG), Dick's Sporting Goods (DKS), Oracle (ORCL) |
| Friday (March 13) |
| 8:30 AM |
Q4 GDP (advance estimate) |
| 10:00 AM |
Existing Home Sales |
| Next Week |
| Mon Mar 16 |
Industrial Production |
| Wed Mar 18 |
Producer Price Index (PPI), FOMC Decision |
Water Cooler
DOGE staffers caught accessing Social Security data
Congress and the Social Security Administration's Inspector General are investigating claims that Department of Government Efficiency staff accessed personal records without authorization. The probe is moving fast. Even government restructuring efforts that seem well-intentioned can trip over privacy and compliance rules. For advisors: this reminds clients that government efficiency drives can stall, and patience usually beats speed.
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