The U.S. leveraged loans market market recently topped $1 trillion for the first time ever, having grown each consecutive year since 2010. We asked Randy Schwimmer, head of origination and capital markets at Churchill Asset Management, if markets should be concerned:
"Not by the level per se, which is pretty consistent with the popularity of the asset class. More worrisome is large cap structural deterioration at the borrower level."
Illustration: Sarah Grillo/Axios
A fresh Joe Biden ad, "New Start," signals an effort by his campaign to make unity a central theme, underscoring a new passage in his stump speech that says he won't be a president just for Democrats but for all Americans.
What he's saying: The ad — which began Friday night, and is a follow-up to "Fresh Start" — draws from a Biden speech earlier in the week in Manitowoc, Wisconsin:
Judge Amy Coney Barrett. Photo: Matt Cashore/Notre Dame University via Reuters
President Trump is preparing to nominate federal appeals court Judge Amy Coney Barrett of Indiana, a favorite of both the social conservative base and Republican elected officials, to succeed Justice Ruth Bader Ginsburg, Republican sources tell Axios.
Why it matters: Barrett would push the already conservative court further and harder to the right, for decades to come, on the most important issues in American politics — from abortion to the limits of presidential power. If confirmed, she would give conservatives a 6-3 majority on the high court.