The two-year and 10-year Treasury notes hit multi-month highs, fueling anxiety over tighter lending conditions. Lorenzo Di Mattia, chief financial officer at Sibilla Capital, noted that the trend is not isolated to the United States but represents a synchronized global shift affecting Japanese bonds, British gilts, and European benchmarks like German Bunds and French debt.

This climate of rising interest rates weighed heavily on the private-credit sector. Shares of major firms, including Blue Owl and Blackstone, experienced significant downward pressure as the market recalibrated to the reality of sustained, elevated borrowing costs.