Repo. It’s back. Or more accurately, never really left. When we last left off with it, things were calming down which is not unusual in these circumstances. That didn’t mean it was a one-time, one-off matter, just that in the middle of the month there isn’t a whole lot going on. But now with the Thanksgiving holiday here and December approaching, repo rates are up, borrowing from the Fed is back, and in related developments the hedge fund-private credit world is getting spicier.

Eurodollar University's Money & Macro Analysis

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Bloomberg UBS Boss Is Right on Private Credit Rating Risks
https://www.bloomberg.com/opinion/articles/2025-11-06/ubs-boss-scores-one-for-banks-over-private-credit

BIS The transformation of the life insurance industry: systemic risks and policy challenges
https://www.bis.org/publ/bppdf/bispap161.htm

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