Market Updates: Economic data since last week's update: Core PCE Price Index rose 0.2% in April, in line with expectations Job openings decreased in April, indicating a cooling labor market Equity markets have been a bit volatile recently, down a couple of percentage points Ongoing volatility is expected as we move through the summer and elections However, the economic and inflation backdrop should provide good support for public equity and bond markets Potential for the Fed to start reducing rates in the second half of 2024, which could restart the real estate investment cycle The recommendation is for investors to be deployed and looking for opportunities, rather than sitting on the sidelines Investment Topic: Private Credit Funds Also known as private debt or direct lending Growth in non-bank lending due to regulatory changes making it harder for banks to expand their balance sheets Private credit funds raise capital from investors and deploy it as loans and other debt instruments Can target different types of credit and debt structures Potential benefits include regular interest payments, 7-12% annualized cash returns, and portfolio diversification Risks include being locked into a long-term investment and fund manager selection being key

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