Third-quarter results were strong, even as the broader economy showed signs of slowing.

Highlights from the week of November 14 – November 20, 2025.

The labor market, a potential AI-bubble, and the December Fed meeting drove the equity markets lower while bonds rose.

Get the latest insights from our securitized credit desk.

Credit spreads have come off recent tights, but the uncertain macro backdrop continues to favor a selective, patient approach to adding risk.

The labor market is a key barometer for economic health and market direction. Recent data underscores its importance: October’s Challenger Report showed more than 153,000 planned job cuts, the highest for that month in over two decades, while Worker Adjustment and Retraining Notification Act (WARN) notices surged to nearly 40,000 across 21 states. These aren’t just headlines—they help shape expectations for growth, inflation, and policy.

​​Recent liquidity events related to portfolio companies in which PIF invests through its private equity holdings​.

With official economic data still on hold, markets focused on signs of labor softening reflected in layoffs and survey results.

Total return strategies are designed to provide income today while aiming to build wealth for tomorrow. See how they stack up against dividend-focused approaches.

A modest allocation to a bond fund that invests across a wider array of sectors and isn’t tied to the Bloomberg U.S. Aggregate Bond Index may help reduce risk and boost return potential.