Q2 2025 IACPM: Credit Outlook Survey

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Global Loan Defaults Predicted to Rise Amid Tariff Uncertainty

New York, NY – Almost half of the members of the International Association of Credit Portfolio Managers responding to the latest IACPM Credit Outlook Survey believe credit defaults and credit spreads will remain unchanged in coming months, despite an array of significant credit worries, ranging from geopolitical concerns, the rising US deficit, tariffs, weakening employment numbers, corporate bankruptcies, in-flation, a potential AI bubble and central bank policies. Why isn’t there more concern?