JPMorgan Chase just made a move. Started writing down loans in their private credit portfolio.

Basically telling Wall Street: the collateral you're holding isn't worth what you think.
So it's time to tighten the spigot. Stop giving these lending companies as much money.
Who are these companies?
Blackstone, Blue Owl, BlackRock...
They're all major arteries pumping blood into high-risk companies.
Now those arteries are about to get squeezed.
Here's what's interesting: other bank executives are still saying they haven't seen anyone else do this.
Only JPMorgan Chase fired the first shot.