高盛：2024年全球信贷展望报告：回到马鞍上（英文版）

Long duration, neutral credit risk. The end of monetary tightening, declining inflation and still-robust growth will likely allow spreads to remain within the tight end of their recent range. This implies lower carry-driven excess returns vs. 2023, given current valuations, but higher total returns, considering the stronger yield support vs. 2023. Absent funding relief next year, we expect the transition to a higher cost of capital environment will likely involve a further uptick in financial