# In a contributed blog post, Professor Edward Altman offers insights on the current credit cycle, based on his research

1 Faculty News August 5, 2019 ![CFA Institute blog logo](/sites/default/files/styles/246w/public/assets/images/con_032856.jpg?itok=V-VlUDNY)>

Except from the [CFA Institute blog](https://blogs.cfainstitute.org/investor/2019/08/05/edward-altman-where-are-we-in-the-credit-cycle/) -- "History shows that even with positive GDP growth, default rates on US corporate debt can and will start rising prior to a recession. The current cycle has also been extended by numerous out-of-court restructurings, the covenant-lite environment, and expectations that the US Federal Reserve will respond to signs of an economic slowdown or increased market volatility, or both, with aggressive monetary stimulus."

[Read more](https://blogs.cfainstitute.org/investor/2019/08/05/edward-altman-where-are-we-in-the-credit-cycle/)