Sea Change
The Memo by Howard Marks
The Effect of Declining Interest Rates on Private Equity and Other Leveraged Strategies
An all-time low in interest rates was reached when the Fed cut the Fed funds rate to approximately zero in late 2008. The period between the end of the global financial crisis, GFC, and the onset of the pandemic was marked by ultra-low interest rates. Strong economic growth and lower interest costs added to corporate profits. Valuation parameters rose, lifting asset prices.
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