Consumer spending slowing a bit, normalization in hot economic measures, haven't seen a lot of turnover in residential real estate, illiquid assets, private equity, private credit. Unless long rates come down considerably, we could see price discovery that could reset lower (not higher). Normally, when the Fed starts cutting affordability becomes better, but this cycle, instead, we could see the true value of homes, which we haven't necesarily seen yet because we haven't seen a lot of turnover. - Savita Subramanian
No one right now is leaving anything. It's all locked up. Some are taking on debt, at a much higher cost.
S&P is probably fine, marked to market on a daily basis, reflecting reality around us, a liquid vehicle of large-cap companies. Most scrutinized companies in the world. A lot of transparency, but other areas are less transparent and there might be issues in those.
US slowing down in terms of hiring.