Maggie Lake Talking Markets Episode 118: The Big Macro Change No One Sees Coming. With Harry Melandri
Dec 17, 2025
Harry Melandri, a senior advisor at MI2 Partners with extensive experience in central banking and bond markets, shares his insights on troubling trends in private credit and the implications of recent Fed actions. He discusses signals of distress in private credit funds and the effects of potential regulatory changes on monetary and fiscal policies. Melandri argues that relaxed banking supervision could lead to a bullish environment for markets but warns of long-term risks associated with deregulation. He also highlights crypto and stablecoin opportunities in the evolving financial landscape.
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Episode notes
Question Credit Managers' Public Take
- Don't accept press narratives at face value; credit managers quote their own book.
- Harry urges investors to question credit managers' public comments and dig into deal economic structures.
Rolling Stress In Private Credit And BDCs
- Private credit funds face a slow run as investors seek exits after redemption and NAV shocks.
- Harry Melandri warns many BDCs and CRE-linked funds may need large buyers to stabilize prices.
Bank Supervision Easing As A Source Of Liquidity
- The administration signals pressure to relax bank stress tests and expand bank balance sheets.
- Wells Fargo's cap removal and the rally in GSIBs show tangible monetary expansion via private banks.