Search Results for: 2025

Macro-economic Commentary: Medium-Term Risks

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There seems to be a misperception that the defaults during the pandemic flushed out many of the high-risk companies. The seasonally adjusted default rate on loans by commercial banks is shown below. The pandemic peak of 1.59% in Q3 2020 was only marginally higher than the pre-pandemic low of 1.42% in Q4 2019.1 The third […]