The Federal Reserve is anticipating three interest rate cuts in 2024, foreshadowing other central banks possibly following suit. Yet, Japan's central bank is raising interest rates for the first time in 17 years, signaling divergence across central banks globally. At the same time, liquidity crunch is in effect all around, making private credit an attractive space that investors are pouring into in fervor. Is the era of Zero Interest Rate Policy (ZIRP) firmly behind us? What implications do these shifts in interest rates have for the broader credit markets? Will private credit continue to be in high demand?