J.P. 摩根-全球信贷策略-振作起来：通货膨胀世界中的信贷-2021.5.25-31页.pdf

Global Credit Research 25 May 2021 Pump it Up: Credit in an inflationary world Perspectives across US and European HG and HY markets and sectors  We look at what might happen to global credit markets in an Global Credit Strategy environment of sustained high or accelerating inflation. To Matthew Bailey AC emphasize, however, this is not our base case. (44-20) 7134-2384 matthew.a.bailey@  In our view, inflation in and of itself is not a major threat to credit J.P. Morgan Securities plc spreads. If anything, it leads to organic balance sheet deleveraging. Eric Beinstein AC The danger lurks in a potential aggressive policy response to (1-212) 834-4211 inflation which in turn triggers a recession. eric.beinstein@ J.P. Morgan Securities LLC  During the Great Inflation of the 1960/70s, USD BBB yields AC Daniel Lamy reached a peak of over 17%. However, spreads largely followed the (44-20) 7134-0467 business cycle, with little direct correlation to inflation. daniel.lamy@