How would you characterize the U.S. credit market today (July 14, 2021) in terms of the
full spectrum of credit risk, from “Very Benign to Very Stressed”? In other words, where
are we in the credit cycle? You should defend your evaluation. Do you think that the
default rate on U.S. High-Yield bonds will be higher, lower or about the same as the
historical average (3.3%) for 2021? Why?

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