Credit trends have improved rapidly this year, reflecting positive data surprises and the continued impact of ongoing policy support. And while the share of the riskiest credits is close to an all-time high and inflation worries continue to linger, the future years seem set for borrower-friendly deal terms and search for yield. Are concerns around the growth and inflationary pressure warranted or necessary to stabilize the economic recovery? And what factors about the credit recovery should investors consider before questioning its allocation in their portfolios?