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Market Views

How a Normalizing Rate Cycle Could Affect Credit Markets

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Amanda Lynam
Head of Macro Credit Research, BlackRock Private Financing Solutions
Scott Crocombe
Managing Director
Colbert Cannon
Managing Director
Published on: November 24, 2025

While the Fed has cut rates to their lowest level in three years, we view the cuts as more of a normalization rather than sharp easing cycle. In this video, Amanda Lynam, Head of Macro Credit Research, BlackRock Private Financing Solutions, and Scott Crocombe, a Managing Director from the HPS Liquid Credit team, speak with Colbert Cannon about what an ongoing normalization of policy could mean for credit markets.

How a Normalizing Rate Cycle Could Affect Credit Markets - HPS Partners