Giving Private Credit Some Credit

Those who’ve long insisted that the US economy is headed into a recession have been citing the opinions of bank loan officers surveyed by the Fed. The latest such survey, however, suggests banks don’t expect a recession. Eric recaps the just released survey’s takeaways and points out that banks aren’t the go-to source of capital for businesses that they once were anyway. … Instead, reports Melissa, companies increasingly are turning to the booming private capital market. She explains what makes it tick. … Also: Joe gives us an update on Q2 reporting season. Results so far have been mixed—underwhelming for the Magnificent-7, better for the “S&P 493.”