Washington: What to Watch Now

Published on April 29, 2026

The Department of Justice drops probe into Fed Chair Jerome Powell, Kevin Warsh's confirmation moves forward, and Department of Homeland Security funding is back in the spotlight.

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Differing Signals in BDCs, and Orderly Defaults in High Yield

April 29, 2026
Sentiment toward BDCs – funds that invest in small and midsize private U.S. businesses – has improved since early March. BDC bond spreads have stabilized and outperformed the broader investment grade (IG) index, suggesting credit investors are increasingly comfortable with downside risk.

Currency Pegs Raise Dollar Tensions

April 29, 2026
One of the most important decisions anyone will make in their lives is whether, and whom, to marry. A well-chosen partnership can lead to a happy steady state and help to weather downturns. But even the best long term partnerships can have their ups and downs. For currencies that are wedded to the U.S. dollar, the war in Iran has put some stress into their relationships.