One macro relief pulse splits financials in two opposite directions: banks and private-credit managers re-rate while Berkshire’s float-heavy defensive bid deflates. Trace either branch from the shared trigger.
Same cause, opposite fates — trace either branch from the shared trigger.
Same macro relief splits financials Softer CPI / PPI prints macro relief pulse September hike odds fall rate-hike fear breaks A · re-rate path Bank NII + fee momentum loan-book margins steady Private-credit marks stabilize · exits reopen C · KKR · APO re-rate weekly gainers B · defensive bid T-bill income eases insurance float yield falls Float-heavy B/S loses rate-defensive bid Berkshire sells off same relief, inverse fate