Morgan Stanley：2018 US Credit Outlook

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Morgan Stanley 2018年美国信用（贷）展望：

The setup is tougher heading into 2018. Fed policy should become a material headwind, markets seem very late cycle, and valuations look extremely rich. Yes, we have been too cautious, but we do not see a compelling reason to change our view. Expect negative excess returns and stay up-in-quality.


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