Rating pressure is building at the lower end of the credit spectrum, indicating more defaults may lie ahead. Amid downward rating trends and following above-consensus U.S. CPI numbers last week, markets are downbeat and awaiting the outcomes of key central bank meetings this week, including the Federal Reserve, BoE, and the BoJ. Credit pricing seems stable for now, but after a straining year and with a week of critical central bank communications ahead, this may just be the calm before the storm.