PitchBook：2026年第一季度美国私募市场量化研究报告：市场洞察（英文版）

Macro landscape: Despite ongoing geopolitical and trade tensions, inflation has remained range-bound above the Fed’s 2% target. The labor market is not flashing urgent warning signs, but payrolls are flat and the unemployment rate has been gradually ticking upward. This leaves policymakers in a gray zone and with diverging opinions over the appropriate path for rates. Markets, however, are pricing in two to three cuts through the remainder of the year and into the next (pages 8, 9, and 10)