In Today’s Issue

• Social Security Cuts? Inflation Warning Signs Are Growing – Why rising debt and government spending could increase pressure on entitlement programs and the dollar.

• JPMorgan Sounds the Alarm on U.S. Debt – David Kelly outlines five potential debt scenarios, including a path toward a fiscal crisis.

• Putin Signals Escalation in Ukraine – Russia's latest threats and military actions raise concerns about broader geopolitical instability.

• Hedge Protection Calculator – See how market declines could impact your retirement portfolio and explore risk-management strategies.

• Exclusive Partner Opportunity – A special offer designed to help investors strengthen their long-term financial positioning.

From Our Partners

Private Credit Belongs in the Fixed-Income Sleeve. Against Those Benchmarks, the Numbers Aren't Close.

For the trailing twelve months ending March 31, 2026:† ·

• Percent ABS: 14.6% net returns after losses

• High-yield bonds: 8.9%

• Leveraged loans: 6.1%

• Investment-grade bonds: 4.5%

Private credit isn't an equity substitute. It belongs in the fixed-income sleeve — and against bond benchmarks, the performance gap is hard to dismiss. A collateralized loan with a fixed coupon and a defined repayment schedule fills the same portfolio role as a bond, with different terms and a different risk profile.

What you access on Percent:†

• 17.0% current weighted average coupon rate

• 93.5% of performing deals pay monthly fixed-rate coupons

• Deal terms 6–24 months

• Full borrower documentation before you commit a dollar

• Starting at $500 $2B+ total issuance. 1,000+ deals. 60,000+ accredited investors. 0.44% lifetime net loss rate on asset-based deals.

Review the performance numbers on Percent.

^{Alternative investments are speculative. No assurance can be given that investors will receive a return of their capital. †Past performance is not indicative of future results. Benchmark indices shown for market context only and are not directly comparable to Percent's performance. Terms apply.}

Top Financial and Economic News

JPMorgan’s David Kelly Warns America Is “Going Broke Slowly” — Debt Crisis Risks Grow as Federal Debt Heads Toward 130% of GDP

JPMorgan strategist David Kelly warns that America's debt burden is on an unsustainable path, with federal debt expected to rise from roughly 101% of GDP today to as high as 130% by 2036. Even under the most optimistic scenario, debt continues to increase. Kelly outlines five possible outcomes, ranging from slow fiscal deterioration to a full-blown debt crisis triggered by loss of confidence in Treasury markets. He argues that meaningful spending cuts or tax increases remain politically unlikely, leaving the U.S. on a path of steadily rising deficits and borrowing costs.

Read More

OUR TAKE

• U.S. debt continues to grow faster than the economy, increasing long-term fiscal risks.

• Rising debt and deficits may put upward pressure on inflation, interest rates, and government borrowing costs.

• Political gridlock makes meaningful debt reduction unlikely in the near future.

• Investors should consider diversification strategies designed to protect against currency debasement and fiscal instability.

• Physical gold has historically served as a hedge during periods of rising debt, inflation concerns, and declining confidence in government finances.

Putin Signals Escalation as Ukraine War Stalemate Deepens

As Russia’s war in Ukraine enters its fifth year, President Vladimir Putin appears poised to intensify missile and drone attacks on Kyiv amid a battlefield stalemate, growing economic pressures, and signs of declining public support at home. Ukraine has increased successful long-range strikes inside Russia, damaging military and energy infrastructure while slowing Russian advances. Meanwhile, Russia faces economic stagnation, rising taxes, labor shortages, and growing public frustration. Analysts suggest Putin may be escalating the conflict to reinforce domestic support and regain momentum, while Moscow has also issued new warnings to Ukraine’s Western allies, raising concerns about broader regional escalation.

Read More

OUR TAKE

• The war continues to show no clear path toward a negotiated resolution, increasing geopolitical uncertainty.

• Escalating attacks and threats toward NATO-aligned countries raise the risk of broader regional instability.

• Prolonged conflict is placing growing strain on Russia’s economy, labor force, and domestic support for the Kremlin.

• Ongoing geopolitical tensions can contribute to volatility across energy, commodity, and financial markets.

• During periods of heightened geopolitical risk, investors often seek safe-haven assets such as gold to help preserve wealth and reduce portfolio volatility.

From Our Partner

Tool You Should Check Out

Hedge Protection Calculator

What if you could rewind to 2007—with the benefit of hindsight?

This interactive calculator shows exactly how your retirement portfolio would have performed during the 2008 financial crisis—with and without gold as part of your strategy.

In less than 60 seconds, you’ll discover:

• How much your portfolio may have lost during the 2008 crash

• How gold historically helped reduce downside risk

• Your potential “protection allocation” for diversification

• The long-term performance difference through the market recovery

This isn’t speculation. It’s based on real historical market data.

Test Your Portfolio Against the 2008 Crisis

Exclusive Offer from Our Partner