In 2024, public credit markets have seen significant spread tightening, with US Investment Grade Corporate Bond spreads at 83bps and High Yield at 293bps, the tightest in 20 years. However, these markets are vulnerable to corrections amid economic deceleration. In contrast, private credit is positioned to provide more stable income and returns, particularly through short duration, asset-backed investments, which have not faced the same level of spread tightening.