Cracks are emerging in the private credit market as KKR (KKR) faces a debt downgrade and Apollo (APO) limits investor withdrawals. Marley Kayden and Sam Vadas also discuss sharp moves in Circle (CRCL) and Coinbase (COIN) amid changing stablecoin rules, along with PMI data from S&P Global (SPGI) pointing to rising stagflation risks. The conversation looks ahead to growth signals from Chewy (CHWY) and upcoming U.S. import price data for clues on inflation.