Sonali Basak

Sonali Basak

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Global finance correspondent @BloombergTV + crypto, writing like mad for @business. @NYUStern MBA. Views are my own.

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Blue Owl Technology Income Corp. redemption requests come in at 40.7% -- while the credit fund sees 21.9%. They're keeping to the 5%. To put into perspective, the 40.7% is almost 4x most of the other largest private BDCs, and the 21.9% is roughly double. The second largest wave of requests was at 14% at Cliffwater.

INTEREST RATE WATCH: The sharp rise in interest rates is notable since the Iran war broke out, with the 2-year rising more than one-third of a percent & traders now fully pricing out the prospect of interest rate cuts. Even mortgage rates faced their biggest jump in almost a year.

Keeping up that energy up today. ✅ Bank earnings & eco data, soaking it in ✅ Presentation at Citigroup HQ ✅ Fox Business with @cvpayne this afternoon And a beautiful day in NYC today. Like @APompliano says, let’s get at it relentlessly today. We are halfway through a busy week and halfway through a very wild month of headlines.

With Bitcoin trading more than $10,000 below where we ended last year -- I'm gonna go ahead and say -- there's probably been more leverage in the system than most people appreciated this year.

VALUATIONS There's a lot of talk about how rich the market is right now -- and it's warranted. But its not the entire market. Take a look at the P/E of the firms in the S&P 500 that are below $100 billion in market value, the story is very different than the mega-caps.

Traders are pricing in more than a 65% chance of a September rate cut, one that's fully priced in by October. This was closer to 45% for September prior to the jobs report -- which not only was weaker than the average of Wall Street estimates, but also showed whopping downward revisions, 258k from the past two months.

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