Is Trump's pause on attacking Iranian energy for diplomacy or an escalation?
The US president’s commitment to deadlines is fluid but he uses them for a purpose, writes the BBC’s James Landale.
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Private credit’s cracks spark a new tug of war with Wall Street banks
Wall Street, Manhattan, New York.
Andrey Denisyuk | Moment | Getty Images
Wall Street banks may finally be getting a long-awaited opening to claw back market share from private credit lenders.
After a decade in which private credit lenders grew rapidly and took over a large share of financing for leveraged buyouts, signs of strain in that sector, along with easing bank rules, may now be shifting the balance.
“This is an opportune time for banks to regain market share from private credit funds,” Moody’s chief economist Mark Zandi told CNBC in an email.
“Interest rates have declined and banking regulation has eased. Private credit lenders are also struggling with the fallout from their previously aggressive lending,” he highlighted.
Private credit’s rapid ascent was fueled in part by banks’ retreat. Following the Federal Reserve’s aggressive rate hikes and the 2023 banking crisis, lenders tightened underwriting and pulled back from riskier deals. Borrowers, particularly private equity firms, increasingly turned to direct lenders offering faster execution and looser terms.
The tug of war is just starting. The rules have been relaxed, so it’s only natural that banks want to get back some of their market share in private credit.
Jeffrey Hooke
Johns Hopkins Carey Business School
At its peak, the shift was dramatic. According to PitchBook data, banks’ share of buyout financings above $1 billion fell to just 39% in 2023, down from about 80% in the five years prior. That share has since recovered to just over 50% in 2025.
And the tide may be turning further.
Private credit is facing mounting challenges. Years of aggressive lending are starting to backfire, as higher interest rates make it harder for heavily indebted borrowers to repay loans and increase default risks. Investor demand for liquidity is also rising, with some clients seeking to pull money after years of locking up capital.
Moody’s Zandi expects the sector to “experience more credit problems in the coming months,” citing fallout from geopolitical tensions, higher borrowing costs and structural pressures in industries such as software. Consumer and healthcare borrowers may also come under strain.
Regulatory changes offering tailwinds
Over the medium term, regulatory changes could also further tilt the playing field.
“Our anticipation of deregulation from the Trump administration includes a likely weakening of the Basel III Endgame implementation, with the U.S. Treasury explicitly aims to redirect business lending back into the banking sector,” Shannon Saccocia, chief investment officer at Neuberger Berman, told CNBC via email.
The Basel III “Endgame” framework is a regulatory overhaul finalized in 2017 in the wake of the 2008 global financial crisis. It was designed to standardize how large banks calculate risk and to establish a capital floor that requires lenders to hold more reserves against loans, particularly higher-risk corporate and leveraged lending.
That has made bank lending less competitive versus private credit funds in recent years, said market veterans.
A weakening or reversal in the Basel III Endgame will raise competition for private credit lenders, Saccocia added, a stance echoed by other market veterans.
“Banks should quickly fill any void left by more cautious private credit lending, said Zandi, pointing to a more favorable regulatory backdrop and improving funding conditions for traditional lenders.
Recent Federal Reserve proposals to adjust the regulatory capital framework could “position banks to be more competitive on the lending front in hopes of regaining at least some share of their original commercial banking foothold,” noted Lukatsky.
Recent deals, such as the multi-billion-dollar leveraged loan financings for Electronic Arts and Sealed Air, signal a strong appetite among banks to execute “jumbo” transactions when market conditions allow.
Private credit still competitive
However, private credit’s grip is far from broken just yet. Direct lenders continue to compete aggressively, offering unitranche loans that bundle different types of debt into one package at a single interest rate.
Blackstone and Ares, for example, were among 33 lenders that reportedly provided about $5 billion in financing to back investment firm Thoma Bravo’s acquisition of logistics company WWEX Group, underscoring how private credit firms can still fund large buyout deals even as banks begin to re-enter the market.
Pitchbook’s global head of credit and U.S. private equity Marina Lukatsky noted that the expected rebound in buyouts and dealmaking has yet to materialize this year, as uncertainty around trade policy, interest rates and geopolitics has slowed activity. With fewer deals taking place, demand for financing has declined across both banks and private credit.
For banks to make a meaningful comeback, borrowing costs in syndicated loans, which are large loans arranged by banks and funded by a group of lenders, need to become more competitive, she added. Additionally, large buyout activity needs to pick up, and the broader economic outlook needs to improve.
Crucially, private credit retains structural advantages that are difficult for banks to replicate, including speed, certainty of execution and flexible conditions, which some borrowers may continue to value in volatile markets, noted some experts.
That said, a comeback is on the cards.
“The tug of war is just starting,” said Jeffrey Hooke, senior lecturer in finance at Johns Hopkins Carey Business School
“The rules have been relaxed, so it’s only natural that banks want to get back some of their market share in private credit.”
Mary Rand: 1964 Olympic gold winner dies at age of 86
Mary Rand, the first British woman to win an Olympic gold medal in athletics, has died at the age of 86.
Rand secured the long jump title at the Tokyo Games in 1964, also winning silver in the inaugural women’s pentathlon and bronze in the 4x100m relay.
That meant she also became the first British woman to win gold, silver and bronze at a single Olympic Games.
In the long jump, Rand broke the British and Olympic records with her first leap of 6.59m and then smashed the world record on her fifth attempt with an effort of 6.76m.
“Mary was the most gifted athlete I ever saw,” said Ann Packer, who won 800m gold at the 1964 Olympics days after Rand’s triumph and was her room-mate in Tokyo.
“She was as good as athletes get. There has never been anything like her since – and I don’t believe there ever will.”
Rand, whose first husband was British rower Sydney Rand, also won long jump gold at the 1966 Commonwealth Games in Jamaica.
However, injury denied her the chance to defend her Olympic title in 1968 and she retired at the age of 28 the same year.
Born in Wells, Somerset, she was only 17 when she set her first British record in the pentathlon, and she won 12 national titles across long jump, high jump, sprint hurdles and pentathlon during her illustrious career.
Rand was voted the BBC Sports Personality of the Year in 1964 and was awarded an MBE in the 1965 New Year Honours List.
FedEx (FDX) Q3 2026 earnings
FedEx on Thursday reported strong fiscal third-quarter results that beat Wall Street’s expectations.
The company also raised its guidance for fiscal 2026, projecting revenue growth of 6% to 6.5% compared with analyst estimates of up 5.6%.
Shares of FedEx rose roughly 9% in extended trading.
Here’s how the company performed in the fiscal third quarter, compared with what analysts were expecting, according to LSEG:
- Earnings per share: $5.25 adjusted vs. $4.09 expected
- Revenue: $24 billion vs. $23.43 billion
For the quarter, FedEx reported adjusted operating income of $1.68 billion, beating estimates of $1.39 billion. It reported net income of $1.06 billion, or $4.41 a share, up from $909 million, or $3.76 a share, a year ago. Adjusted for spin-off costs and other one-time items, FedEx reported EPS of $5.25.
The company also raised its fiscal 2026 adjusted EPS expectations, now projecting earnings of $19.30 to $20.10 per share compared with previous guidance of between $17.80 and $19 a share.
“Team FedEx delivered another quarter of strong financial results and excellent service for our customers, powered by disciplined operational execution, the resilience of our global network, and the accelerating impact of our advanced digital solutions,” CEO Raj Subramaniam said in a statement.
The company previously said it expected roughly $1 billion in cost reductions from its “Network 2.0” initiative, which is focused on optimizing efficiency of its package processes by leveraging automation and artificial intelligence. FedEx now expects those savings to exceed $1 billion.
FedEx said its freight business, FedEx Freight, remains on track to be spun off into a separate publicly traded company on June 1.
Subramaniam said on a call with analysts that the company expects “modest” headwinds from disruptions from the Iran war and that the Middle East is a “relatively small part” of total revenue.
Trump orders paychecks for TSA workers as Congress stalls and airport chaos grinds on
The late-night vote was a step towards bringing the 40-day partial shutdown – and long security lines at US airports – to an end.
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Battlehawks HC Ricky Proehl: UFL Is ‘on the Cutting Edge of Changing the Game’
The 2026 UFL season kicks off this week, with the beloved St. Louis Battlehawks in action Saturday against the defending champion DC Defenders. Newly minted Battlehawks head coach Ricky Proehl joined “First Things First” to discuss his team’s season opener, his approach to coaching and what level of talent the league has to offer.
“These guys can play,” Proehl began. “The level is so high here. … Some of them haven’t had the opportunity to showcase their talent and skill set. … Training camp is so different than when I played. … A lot of these guys, they just haven’t had the opportunities to do the things that they’re capable of doing.”
Proehl, who played 17 seasons in the NFL and won two Super Bowls, went on to say that he’s confident his team can win it all despite starting the season with just the fifth-best odds to take home the championship title.
“Absolutely,” Proehl replied when asked if he thinks the Battlehawks are underrated heading into the year. “But that’s OK. That’s kind of a good place to be. I’m excited about our football team. … These guys are so much fun to coach.”
Battlehawks HC Ricky Proehl talks UFL opener, support from St. Louis, coaching Caleb Williams-Rome Odunze and coaching influence | First Things First
Talent is set to be maximized this season with a handful of new offensive-friendly rule changes. Proehl, who referred to himself as “an offensive guy,” is excited about all the different options and revealed which UFL rule he likes best.
“The fourth-and-12,” he said without hesitation. “A couple of years ago, the Battlehawks … scored 16 points in a minute and a half because of that rule.”
Teams trailing in the fourth quarter can attempt to convert this single play — a 4th-and-12 play from a team’s own 28-yard line — to retain possession as an alternative to the traditional onside kick. A successful conversion results in the team keeping the ball, while a failed attempt gives possession to the other team at that spot.
Proehl will have plenty of star power on his roster to make plays like this possible. The Battlehawks will be led by starting quarterback Brandon Silvers, who has played in both the UFL and legacy XFL. Hakeem Butler returns at receiver for St. Louis, along with standout outside linebackers Pita Taumoepenu and Travis Feeney while All-UFL defensive tackle Carlos Davis joins the mix.
“Who wants to watch a 10-7 ballgame?” Proehl added. “We want to see the 42-38 overtime games. That’s what this league does. That’s what it brings [with] the new rules. We’re on the cutting edge of changing the game.”
Proehl replaced Anthony Becht, who moved from the Battlehawks to become the head coach of the Orlando Storm — one of the league’s three brand-new franchises this season. Proehl says St. Louis fans have embraced with fully.
“We’re the staple of the league,” he said. “It’s a great atmosphere. St. Louis is one of the best sports towns in our country. They support every sport in that city, and the Battlehawks are no different. … It’s exciting to be a part of.”
Iran national football team protests against deadly attack on primary school
Iran are among the countries who have qualified for this summer’s World Cup but their participation in the tournament, to be hosted by the US, Mexico and Canada from 11 June, remains in doubt.
They are scheduled to open their World Cup campaign against New Zealand and Belgium in Los Angeles before their final group game against Egypt in Seattle.
However, US President Donald Trump said earlier this month it would not be “appropriate” for them to take part “for their own life and safety”.
Mehdi Taj, the head of Iran’s football federation, then said the country will not travel to the US for what would be a fourth consecutive World Cup appearance.
“When Trump has explicitly stated that he cannot ensure the security of the Iranian national team, we will certainly not travel to America,” Taj said in a post, external on a social media account belonging to the Iranian embassy in Mexico.
Taj said Iran were negotiating with Fifa to hold their matches in Mexico but the governing body appear to have ruled out that possiblity.
Iran, who were beaten 2-1 by Nigeria on Friday, will face Costa Rica in another friendly in Turkey on Tuesday.
Earlier this month, the country’s women’s national team players declined to sing the national anthem during an AFC Women’s Asian Cup match, leading to a host on Iranian state TV calling them “traitors”.
A number of the players had initially sought humanitarian visas to stay in Australia after concerns they would face repercussions for their protest but all members of the team eventually returned to Iran after dropping their bids for asylum.
Middle East concerns hit luxury: Here’s what to know
The Middle East has been a growth engine for the luxury goods market, but the war is putting pressure on the sector. CNBC’s Robert Frank joins ‘Squawk Box’ with the details.
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Wed, Mar 25 20268:01 AM EDT
2026 NFL Free Agency: The 10 Best Under-the-Radar Deals So Far This Offseason
Most of the splashy deals in NFL free agency have already been executed, with billions of dollars in contracts being dished out through the first two-plus weeks. But as some of those contracts approached or went over the $100 million mark, there were some that weren’t as pricey that might shape how the 2026 NFL season plays out.
Which signings were bargains? Which moves received less fanfare than they should’ve? Let’s take a look at our top 10 under-the-radar signings so far in free agency before we start to turn our attention to the NFL Draft.
Alohi Gilman enjoyed a solid 2025 season with the Ravens, earning him a three-year deal with the Chiefs. (Photo by Kevin Sabitus/Getty Images)
Kansas City had a lot of institutional knowledge and talent on the defensive side of the football leave the building this offseason. Slot corner Trent McDuffie was traded to the Los Angeles Rams, with teammate and fellow cornerback Jaylen Watson following him in free agency. Safety Bryan Cook also departed, signing with the Cincinnati Bengals.
Signing Gilman to a three-year, $24.75 million deal from the Baltimore Ravens in free agency brings some experience and versatility to Kansas City’s defense. The former Los Angeles Charger returns to the AFC West and should provide some leadership for defensive coordinator Steve Spagnuolo as he attempts to remake the defense with more additions through the draft.
Cobie Durant was the odd man out in Los Angeles as the Rams remade their secondary this offseason, but he could provide a lift to the Cowboys’ secondary. (Photo by Michael Owens/Getty Images)
A versatile, playmaking cornerback who mostly fills a need as a slot defender, Durant will not only be an upgrade to the Cowboys’ secondary, but he’ll improve the backend of their defense on a pretty valuable contract. Dallas signed Durant to a team-friendly deal that includes $1.5 million in guaranteed money. Durant has seven career interceptions, including two returned for four touchdowns in four NFL seasons.
Durant played in a multiple, 3-4 base scheme with the Rams, and should help as the Cowboys transition to a 3-4 scheme with new defensive coordinator Christian Parker. The Cowboys also signed Arizona Cardinals safety Jalen Thompson in free agency. The addition of Thompson and Durant provides experience and position flexibility in the back end defensively.
8. Jason Sanders, K, New York Giants (One year, $1.425 million)
Jason Sanders was one of the NFL’s top kickers in 2024. (Photo by Frank Jansky/Icon Sportswire via Getty Images)
New Giants head coach John Harbaugh brought in one of the best kickers from last season to fix an inconsistent kicking game for New York in 2025. The Giants used three different kickers last season, including 38-year-old, injury-prone Graham Gano, who moved on at the end of the season.
Yes, Sanders had injury issues last year. Sanders did not play last season due to a hip issue and was released by the Miami Dolphins at the end of the season. However, in 2024, Sanders made a franchise-record 27 consecutive field goals, including nine from 50-plus yards. Sanders is still 30 years old, and if healthy, is a low-cost option to help solidify New York’s kicking game.
7. Coby Bryant, S, Chicago Bears (three years, $40 million)
Coby Bryant was a key part of the Seahawks’ secondary this past season. (Photo by Perry Knotts/Getty Images)
The Cincinnati product emerged as a part-time role player at cornerback in his first two years with the Seattle Seahawks, into a full-time starter at safety who helped propel one of the best defenses in the league to a Super Bowl. Bryant is a versatile playmaker who is a sure tackler in the running game and should help solidify a defense that lost safeties Kevin Byard and Jaquan Brisker in free agency.
Tyler Biadasz should elevate the interior of the Chargers’ offensive line. (Photo by G Fiume/Getty Images)
The Chargers desperately needed to upgrade the offensive line and better protect Justin Herbert. And while more expensive options like Tyler Linderbaum proved out of reach, the Bolts secured a financially reasonable alternative who fits their scheme and at 28 years old, has some upside in Biadasz.
Herbert was pressured a league-high 268 times in 2025. But with Biadasz serving as the anchor of the offense, along with the return of bookend offensive tackles Rashawn Slater and Joe Alt, the Chargers should have much better pass protection. Los Angeles also worked to improve depth upfront by signing guard Curtis Strange, along with re-signing Tre Pipkins and Trevor Penning. Expect the Chargers to draft another interior offensive lineman early in this year’s draft. But Biadasz gives Herbert someone to ably serve as the quarterback of the offensive line.
5. Jonathan Allen, DT, Cincinnati Bengals (Two years, $25 million)
Jonathan Allen will look to provide some much-needed grit and experience to the Bengals’ defense. (Photo by Cooper Neill/Getty Images)
Released by the Minnesota Vikings at the start of free agency in a cost-cutting move, the 31-year-old Allen brings grit and experience to a Cincinnati defense that struggled to get off the field all season. Even with one of the best quarterbacks in the league in Joe Burrow, the Bengals have missed the playoffs the last three seasons.
Yes, Allen has struggled from a production standpoint in producing sacks, with just 12 over the last three seasons. But Allen should be more of an impact player as a situational pass rusher with a reduction in snaps. And the Bengals could use competency and versatility up front defensively. Allen joins former Seattle Seahawks edge rusher Boye Mafe and safety Bryan Cook from Kansas City to add reinforcements to a Cincinnati defense that finished No. 30 in scoring last season.
Nahshon Wright joined the Jets after logging five interceptions last season. (Photo by Cooper Neill/Getty Images)
Under first-year head coach and defensive guru Aaron Glenn, the Jets shockingly became the first team in NFL history to go without an interception for an entire season. The addition of Wright should help rectify that issue. He finished with five interceptions and 11 pass breakups in 2025 for the Bears.
At 6-foot-4, Wright is a rangy, playmaking cornerback who should elevate New York’s defense’s ability to create turnovers. Wright is part of a veteran overall on defense for the Jets that includes trading for safety Minkah Fitzpatrick, along with signing linebacker Demario Davis, defensive tackle David Onyemata, safety Dane Belton and defensive tackles Joseph Ossai and Kingsley Enagbare.
Rico Dowdle will reunite with his former head coach from the Cowboys, Mike McCarthy, in Pittsburgh. (Photo by Jared C. Tilton/Getty Images)
After back-to-back, 1,000-yard seasons, the former Carolina Panthers runner cashed in for a decent deal in free agency. A physical runner capable of producing explosive plays, Dowdle also lands in a spot where he should get the opportunity to be the lead back in a rotation that includes Jaylen Warren and Kaleb Johnson.
Dowdle is also familiar with head coach Mike McCarthy’s offense from spending time together with the Dallas Cowboys. Along with the expectation that Aaron Rodgers returns for another season, the addition of Dowdle, along with the trade for Michael Pittman Jr., should help create a more efficient offense for the Steelers.
2. Dre Greenlaw, LB, San Francisco 49ers (One year, $6 million)
Dre Greenlaw is back with the 49ers after a season with the Broncos. (Photo by Cooper Neill/Getty Images)
San Francisco never wanted to let him get away to begin with, but after one year with the Denver Broncos, the tone-setting linebacker returns to the 49ers on a reasonable one-year deal. Paired with perennial All-Pro linebacker Fred Warner, Greenlaw and the BYU product formed one of the best linebacker combos in the league.
With his return, along with Warner’s recovery from a season-ending leg fracture, the two should help repair a San Francisco defense that surprisingly struggled to stop the run last season. Greenlaw’s return also should help with the transition from Robert Saleh to Raheem Morris at defensive coordinator, as the 49ers gear up to take full advantage of a closing Super Bowl window.
Could Tua Tagovailoa become the Falcons’ starting quarterback this season? (Photo by Peter Joneleit/Icon Sportswire via Getty Images)
After one of his worst seasons as a pro, getting benched down the stretch in favor of rookie Quinn Ewers, the Alabama product gets a second opportunity in Atlanta with head coach and offensive guru Kevin Stefanski. While first-round pick Michael Penix Jr. is the starter in Atlanta, that’s only written in pencil as he returns from a season-ending ACL injury.
That means that Tagovailoa will get all the offseason reps with a starting group that includes Bijan Robinson, Kyle Pitts and Drake London. With Tagovailoa being paid $54 million by Miami this year, he’s a steal in terms of the talent he brings to the roster. Just 28 years old, Tagovailoa posted a 44-32 record with the Dolphins. In 2023, Tagovailoa made the Pro Bowl, leading the NFL in passing yards that season. In a winnable NFC North, the Falcons would like to help Tagovailoa reach that potential again.