Good morning, you're tuned in to Markets Desk.
Federal prosecutors are circling BlackRock's private credit operation, and the implications are significant. The Manhattan US Attorney's office has been seeking information about BlackRock TCP Capital Corp., a publicly traded business development company, scrutinizing how the firm values assets inside its private credit fund. For an industry already under pressure to justify its opacity, a DOJ probe at this scale sends a chilling signal across the entire BDC space.
Shifting to energy markets, the fight over AI-driven electricity demand is spilling into statehouses. At least six states, including New York, New Jersey, and Arizona, are pushing back against utilities they're calling out for blatant corporate greed, as surging data center load drives bills higher for ordinary consumers. The tension between infrastructure investment and rate relief is now a live political and regulatory flashpoint.
And geopolitically, all eyes are on Paris, where G7 finance ministers convene Monday and Tuesday. The Eurogroup head is pressing hard on the Strait of Hormuz, calling open passage a matter of utmost importance, even as long-term borrowing costs climb across major economies. Bond markets will be watching every word out of those meetings very closely.
That's the tape. Markets Desk, signing off the floor.
