Private Debt Investor notes that “The rate cycle has been a preoccupation of the private debt market for a while now, however, initial assumptions of a smooth downward cutting cycle next year are now being challenged, with a clear contrast between bullish and bearish points of view.” In a recent interview, Nik Singhal, ORIX USA’s Group Head of Direct Lending, spoke to the publication about why he continues to have a bullish outlook for mid-market borrowers and lenders.