[Skip to main content](/content/podcasts/elizabeth-burton#main/index.html) Your web browser is out of date. Update your browser for more security, speed and the best experience on this site. [Update your browser](http://outdatedbrowser.com/) Click for sound Posted Jul 14, 2026 # Against the Rate Cut Consensus: Floating Rate Credit, Consumer Resilience, and a Higher-for-Longer Decade [Contact us](/content/learn-more/index.html) - [Find us on LinkedIn](https://www.linkedin.com/company/juniper-square) - [Find us on Facebook](https://www.facebook.com/junipersquare/) - [Find us on Twitter](https://twitter.com/juniper_square) - [Find us on Youtube](https://www.youtube.com/@JuniperSquare) Brandon Sedloff and Elizabeth Burton explore the shifting landscape of institutional investing, macro strategy, and the growing case for credit over traditional private equity allocations. Burton brings a unique perspective shaped by her time as an allocator at the Maryland State Retirement System and as CIO of the Employees' Retirement System of Hawaii before joining Fortress Investment Group as chief strategist. The conversation touches on her unconventional path into finance, the lessons she learned managing public pension capital, and why she believes floating rate credit deserves a larger role in institutional portfolios. They discuss: - Why floating rate credit offers better downside protection and fee alignment than private equity in a higher-rate environment - How debt monetization and money supply growth could push inflation back above 4% by year-end - Why AI is creating a divide between investors who can move quickly on co-investment opportunities and those constrained by governance structures - The consumer credit opportunity in prime and near-prime segments that many institutional investors are overlooking - How anchoring investment strategy to a single variable like the 10-year Treasury can simplify decision-making across asset classes This episode offers a clear-eyed view of the challenges facing institutional investors in the 2030s and the strategic shifts required to meet return targets in a persistently higher rate world. Megaphone Embeddable Player The Distribution by Juniper Square Against the Rate Cut Consensus: Floating Rate Credit, Consumer Resilience, and a Higher-for-Longer Decade - Elizabeth Burton - Chief Strategist - Fortress Investment Group 00:00:00 Forward 15 seconds Back 15 seconds 00:00:00 [Save to Spotify](https://open.spotify.com/show/5ysEwoATUSEiol96NZgR8L?intent=1 "Save to Spotify") Subscribe Description ## Share The Distribution by Juniper Square Share this episode with your friends [Share via Facebook](http://www.facebook.com/sharer.php?quote=%27Against+the+Rate+Cut+Consensus%3A+Floating+Rate+Credit%2C+Consumer+Resilience%2C+and+a+Higher-for-Longer+Decade+-+Elizabeth+Burton+-+Chief+Strategist+-+Fortress+Investment+Group%27+by+The+Distribution+by+Juniper+Square&u=https%3A%2F%2Fmegaphone.link%2FDTSOS5412570603 "Share via Facebook")[Share via Twitter](https://twitter.com/intent/tweet?text=%27Against+the+Rate+Cut+Consensus%3A+Floating+Rate+Credit%2C+Consumer+Resilience%2C+and+a+Higher-for-Longer+Decade+-+Elizabeth+Burton+-+Chief+Strategist+-+Fortress+Investment+Group%27+by+The+Distribution+by+Juniper+Square&url=https%3A%2F%2Fmegaphone.link%2FDTSOS5412570603 "Share via Twitter") [Download episode](https://www.podtrac.com/pts/redirect.mp3/pdst.fm/e/traffic.megaphone.fm/DTSOS5412570603.mp3?source=player) ## Subscribe to The Distribution by Juniper Square Keep up to date by subscribing to this podcast [](https://feeds.megaphone.fm/the-distribution "Subscribe via RSS") [Subscribe via Apple Podcasts](https://itunes.apple.com/podcast/id1677652734 "Subscribe via Apple Podcasts") [Subscribe via Spotify](https://open.spotify.com/show/5ysEwoATUSEiol96NZgR8L "Subscribe via Spotify") [Subscribe via iHeart](https://www.iheart.com/podcast/268261652 "Subscribe via iHeart") ## Description They discuss: \- Why floating rate credit offers better downside protection and fee alignment than private equity in a higher-rate environment \- How debt monetization and money supply growth could push inflation back above 4% by year-end \- Why AI is creating a divide between investors who can move quickly on co-investment opportunities and those constrained by governance structures \- The consumer credit opportunity in prime and near-prime segments that many institutional investors are overlooking \- How anchoring investment strategy to a single variable like the 10-year Treasury can simplify decision-making across asset classes Topics: (00:00:00) - Intro (00:02:30) - Elizabeth Burton's early life and path to finance (00:03:50) - From horse farm to Wall Street (00:06:10) - College choice and French politics major (00:09:08) - First finance role and Santa Barbara internship (00:12:16) - Mortgage-backed securities and Chicago MBA (00:15:55) - Baltimore payments consulting detour (00:19:37) - Transition to LP side at Maryland Retirement (00:26:20) - Becoming CIO in Hawaii (00:32:30) - Joining Fortress as chief strategist (00:35:25) - The strategist role and economics anchor (00:41:00) - Fortress overview and consumer focus (00:44:10) - Inflation outlook and floating rate credit case (00:47:20) - The bunker portfolio thought experiment (00:51:30) - AI creating investor haves and have-nots (00:54:30) - Closing Links: Brandon Sedloff LinkedIn — [https://www.linkedin.com/in/bsedloff/](https://www.linkedin.com/in/bsedloff/) Website — [https://brandonsedloff.substack.com/](https://brandonsedloff.substack.com/) Elizabeth Burton LinkedIn — [https://www.linkedin.com/in/elizabethtburton/](https://www.linkedin.com/in/elizabethtburton/) Companies: Fortress Investment Group — [https://www.fortress.com/investors/financial-advisors](https://www.fortress.com/investors/financial-advisors) Juniper Square — [https://junipersquare.com](/content/site-root.html) Posted Jul 14, 2026 # Against the Rate Cut Consensus: Floating Rate Credit, Consumer Resilience, and a Higher-for-Longer Decade [Contact us](/content/learn-more/index.html) They discuss: Megaphone Embeddable Player The Distribution by Juniper Square 00:00:00 Forward 15 seconds Back 15 seconds 00:00:00 [Save to Spotify](https://open.spotify.com/show/5ysEwoATUSEiol96NZgR8L?intent=1 "Save to Spotify") Subscribe Description ## Share The Distribution by Juniper Square Share this episode with your friends [Download episode](https://www.podtrac.com/pts/redirect.mp3/pdst.fm/e/traffic.megaphone.fm/DTSOS5412570603.mp3?source=player) ## Subscribe to The Distribution by Juniper Square Keep up to date by subscribing to this podcast ## Description They discuss: \- Why floating rate credit offers better downside protection and fee alignment than private equity in a higher-rate environment \- How debt monetization and money supply growth could push inflation back above 4% by year-end \- Why AI is creating a divide between investors who can move quickly on co-investment opportunities and those constrained by governance structures \- The consumer credit opportunity in prime and near-prime segments that many institutional investors are overlooking \- How anchoring investment strategy to a single variable like the 10-year Treasury can simplify decision-making across asset classes Topics: (00:00:00) - Intro (00:02:30) - Elizabeth Burton's early life and path to finance (00:03:50) - From horse farm to Wall Street (00:06:10) - College choice and French politics major (00:09:08) - First finance role and Santa Barbara internship (00:12:16) - Mortgage-backed securities and Chicago MBA (00:15:55) - Baltimore payments consulting detour (00:19:37) - Transition to LP side at Maryland Retirement (00:26:20) - Becoming CIO in Hawaii (00:32:30) - Joining Fortress as chief strategist (00:35:25) - The strategist role and economics anchor (00:41:00) - Fortress overview and consumer focus (00:44:10) - Inflation outlook and floating rate credit case (00:47:20) - The bunker portfolio thought experiment (00:51:30) - AI creating investor haves and have-nots (00:54:30) - Closing Links: Brandon Sedloff LinkedIn — [https://www.linkedin.com/in/bsedloff/](https://www.linkedin.com/in/bsedloff/) Website — [https://brandonsedloff.substack.com/](https://brandonsedloff.substack.com/) Elizabeth Burton LinkedIn — [https://www.linkedin.com/in/elizabethtburton/](https://www.linkedin.com/in/elizabethtburton/) Companies: Fortress Investment Group — [https://www.fortress.com/investors/financial-advisors](https://www.fortress.com/investors/financial-advisors) Juniper Square — [https://junipersquare.com](/content/site-root.html)