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Global Credit Outlook 2022: Aftershocks, Future Shocks, And Transitions

We enter 2022 with largely positive credit momentum, reflecting favorable financing conditions and a powerful economic recovery. This could be derailed if persistently high inflation pushes central banks to aggressively tighten monetary policy, triggering significant market volatility and repricing risks. New COVID-19 variants could also undermine confidence and recovery prospects. The weakest areas of credit markets--often still highly sensitive to the ongoing impact of the pandemic--are most exposed, particularly highly leveraged corporates and some emerging markets.

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