Issue 42: Debt & Global US$ Credit

6 November 2025

Expect the US economy to rebound and for global growth to be better in the second half than the first and in 2026. Corporate results through 3Q25 indicate that the profit cycle is either improving, stabilising, or still in an upswing across all major economies. Meanwhile private sector debt to GDP ratios have  trended down in the US, Europe, Japan and most of Asia – while debt servicing costs are manageable. US dollar credit to the rest of the world is recovering as risk appetite returns.