
Energy Prices, Private Credit “Contagion,” and the Disposable Income Tsunami
Markets are still trying to price a benign outcome to a supply shock: higher oil, higher near-term inflation, a Fed on hold, and yet still-resilient growth. Zenith’s Quarterly Themes argued that we have moved into a new regime where geopolitics is a first-order portfolio variable, rates are not going back to zero, and private market discipline matters more than ever. That framework is looking increasingly right.












