易峯EquitiesFirst全球展望：2025年信贷市场

Group 1 - The core viewpoint is that while interest rates are expected to decline by 2025, the uncertainty in the economic environment and strict lending standards by banks may hinder a rebound in the global credit market [1][3] - EquitiesFirst notes that since 2022, expectations for significant interest rate cuts by central banks have not materialized, indicating that the neutral level of interest rates may have risen in the post-pandemic era [3] - The company highlights that the speed of interest rate declines in the U.S. may be slower than increases, and rates are unlikely to return to the unprecedented levels seen during the global financial crisis [3] Group 2 - The Federal Reserve Chairman Jerome Powell indicated that the Fed may keep key interest rates unchanged in the coming months due to uncertainties stemming from policies introduced by President Donald Trump [1] - EquitiesFirst emphasizes the impact of artificial intelligence and investments in energy transition on the balance between savings and investments, which has significantly increased [3] - The company observes that the pace of monetary policy easing may vary in different regions, particularly in the context of potential tariffs and trade policies affecting China [3]