September 30, 2025 ⢠1 min read
Full Discretion Team Quarterly Credit Update
- Alpha Engine Perspectives
- Full Discretion

Third Quarter 2025
We believe the US economy continues to be in the late cycle phase of the credit cycle. Growth appeared to be marginally improving in the US. We do not anticipate a recession at this time, rather, our base case calls for trend-like growth.
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