Blue Owl：2025年全球市场展望报告：聚焦信贷、房地产及GP战略资本（英文版）

Early in the year, a series of higher-than-expected inflation prints quickly tampered expectations for easing from the Federal Reserve, with some market participants questioning if any rate cuts would be seen by year-end. Therefore, borrowing costs remained elevated through much of the year. However, public credit markets did reopen after nearly two years of muted activity, allowing a significant number of borrowers to reprice existing capital structures at lower spread levels. While a flurry