BlackRock：2025全球经济展望报告（英文版）

From March 2022 to September 2024, the marketsentered a period of quickly rising and elevatedinterest rates, bringing the federal funds rate to itshighestlevels since 20012.This environmentpunished rate-sensitive investments on two fronts:

Companies with long paths to profitability saw1.valuations contract given higher discount rates,and;2. Firms dependent on floating rate debt or thathad to roll over maturing debt were hurt by higherfinancing costs Additionally, non-cash-flowing assets