Big difference between "private credit has outflows and doesn't have enough liquidity to meet redemptions" versus "credit fundamentals are deteriorating and defaults are picking up" Private credit/equity markets (using $APO and $ARES as a proxy) are pricing in lower AUM and lower fees from redemptions. High Yield Credit Indices are pricing in... nothing. Barely even a blip This may be a precursor, but 2022 was the only major equity market correction I can remember where equity prices led credit prices lower. Usually credit leads equity lower, and right credit is totally fine.