Credit is set for a muted start to the week, which is filled with heavy macro data, including US CPI data tomorrow and several central bank policy meetings. Last Friday, the US labor market report put upward pressure on government bond yields, which led to some moderate spread pressure on non-financial and bank senior spreads. Following the Fed meeting (Wednesday) and ECB meeting (Thursday), we see a possibility that there will be an adjustment to the market’s aggressive rate-cut expectations for 2024. This could put further moderate pressure on credit spreads this week. However, the low primary market supply should help dampen any stronger spread widening.