February 23, 2026 • 1 min read
Full Discretion Team Quarterly Credit Update
- Alpha Engine Perspectives
- Full Discretion

Fourth Quarter 2025
We believe the US economy will remain in the ‘Expansion to Late Cycle’ phase of the credit cycle, supported by easing Federal Reserve monetary policy, fiscal stimulus from the One Big Beautiful Bill Act (OBBBA) and stable corporate fundamentals.
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