2024 Credit Market Outlook

By: Jason Thomas & Mark Jenkins
2024 Credit Market Outlook

Market narratives can be fickle things. A year ago, as the Fed was taking base rates to levels that were unimaginable just two years’ prior, market participants prepared for the recession most analysts thought was necessary to extirpate price pressures from the system. It was further assumed that once inflation returned to target, the Fed would swiftly take base rates back down to more “normal” levels, leaving longer-term discount rates largely unaffected. 

2024 Credit Market Outlook: ‘Never Let Me Go’: Competition and Opportunity in the Era of Bank Disintermediation is a Global Insights report from Head of Global Research & Investment Strategy Jason Thomas and Head of Global Credit Mark Jenkins.

Read 2024 Credit Market Outlook: ‘Never Let Me Go’: Competition and Opportunity in the Era of Bank Disintermediation



Jason Thomas is the Head of Global Research & Investment Strategy at Carlyle, focusing on economic and statistical analysis of Carlyle portfolio data, asset prices, and broader trends in the global economy. Prior to joining Carlyle, Mr. Thomas served on the White House staff as Special Assistant to the President and Director for Policy Development at the National Economic Council. In this capacity, Mr. Thomas acted as the primary adviser to the President for public finance. Mr. Thomas received a BA from Claremont McKenna College and an MS and PhD in finance from George Washington University, where he studied as a Bank of America Foundation, Leo and Lillian Goodwin Foundation, and School of Business Fellow. Mr. Thomas has earned the chartered financial analyst designation and is a Financial Risk Manager certified by the Global Association of Risk Professionals.

Mark Jenkins is Head of Carlyle Global Credit. He is also a member of Carlyle's Leadership Committee. He is based in New York. Prior to joining Carlyle, Mr. Jenkins was a Senior Managing Director at CPPIB and responsible for leading CPPIB’s Global Private Investment group. He was Chair of the Credit Investment Committee, Chair of the Private Investments Committee and also managed the portfolio value creation group. While at CPPIB, Mr. Jenkins founded CPPIB Credit Investments, which is a multi-strategy platform making direct principal credit investments. He also led CPPIB’s acquisition and oversight of Antares Capital and the subsequent expansion in middle market lending. Prior to CPPIB, he was Managing Director, Co-Head of Leveraged Finance Origination and Execution for Barclays Capital in New York. Before Barclays, Mr. Jenkins worked for 11 years at Goldman Sachs & Co. in senior positions within the Fixed Income and Financing groups in New York. Mr. Jenkins earned a B.Comm degree from Queen’s University. He served on the boards of Wilton Re, Teine Energy, Antares Capital and Merchant Capital Solutions.