Figure 3. Stickier In昀氀ation Delays Return to Fed Target Figure 4. Declining Risk Premia, Booming Issuance Figure 3. Source: Carlyle Analysis; Bloomberg, March 2024. There is no guarantee any trends will continue. Figure 4. Source: Carlyle Analysis; Federal Reserve Board of Governors; Bloomberg, March 2024. There is no guarantee any trends will continue. 5