德意志银行：长期高利率可能打击美国企业借款人

Core Viewpoint - Deutsche Bank's strategists indicate that prolonged high interest rates may negatively impact U.S. corporate borrowers as the Federal Reserve delays interest rate cuts [1] Group 1: Impact of High Interest Rates - The expectation of a soft landing is leading to most defaults appearing as non-performing assets, with higher recovery rates [1] - However, the likelihood of a soft landing is decreasing due to inflation remaining above target, significant policy uncertainty, and rising sovereign term premiums [1] Group 2: Default Rate Projections - Deutsche Bank predicts that the default rate in speculative-grade credit could reach 5.5% around mid-next year, marking the highest level since 2012 for issuer-weighted speculative-grade default rates [1]