With its incredibly rapid cycle of rising interest rates, the Federal Reserve was also targeting the so-called euro-dollar market, i.e. the part of the dollar credit market oversees that it cannot control directly. But, of course, the high interest rates there also ensure restrictive lending conditions, nominated in dollars.

Blomberg's chart shows how extreme the effect of the rise in interest rates has also been on lending in dollars outside the United States. This year, for the first time, we are seeing growth in this euro-dollar credit market in the area of high-yield bonds outside Japan. With an issue volume of 5.6 billion dollars in the first quarter, the entire annual volume was already exceeded last year. Here too, the easier lending conditions are having a positive effect on credit growth. The course is set for expansion!