{
  "docId": "019dd923-5e88-73ef-bd58-e44cead40686",
  "docSlug": "83fae9c9259c9dcd",
  "documentTitle": "article thebeatjun2025",
  "authorId": "MorganStanley",
  "authorName": "Morgan Stanley",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.333,
  "pageNumber": 27,
  "pageCount": 58,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "kpi_dashboard",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "Data source: J.P. Morgan and Leveraged Commentary & Data (LCD), as of 5/31/25.",
  "elementsJson": [
    "headline_text",
    "line_chart",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd58-e44cead40686/27",
  "deckHref": "/decks/019dd923-5e88-73ef-bd58-e44cead40686",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd58-e44cead40686.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd58-e44cead40686#slide-27",
  "components": [
    {
      "bbox": {
        "h": 0.22,
        "w": 0.55,
        "x": 0.036,
        "y": 0.56
      },
      "kind": "chart",
      "text": "Annual Default Rate",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e467971e-cfc9-4189-9b6d-f121cb9953fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.55,
        "x": 0.036,
        "y": 0.268
      },
      "kind": "chart",
      "text": "Average Spread (bps)",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4507349-d14f-4761-9edb-9967f0031c9a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.036,
        "y": 0.86
      },
      "kind": "disclaimer",
      "text": "Past performance is no guarantee of future results. Source: J.P. Morgan and Leveraged Commentary & Data (LCD), as of 5/31/25.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fdc0a841-bf01-4719-acae-3226d58ca020",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Average Spread (bps)",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-340b-7192-a377-9679667a247f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.295,
        "x": 0.595,
        "y": 0.64
      },
      "kind": "table",
      "text": "Default rate data table for HY Corporate and Loans",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0364a089-e3df-4fa2-91b1-56d546dc2a2d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.295,
        "x": 0.595,
        "y": 0.275
      },
      "kind": "table",
      "text": "Spread data table for HY Corporate, Loans, and IG Corporate",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e9081ff-7563-48e3-a5b8-1231d7fc6bd7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.422,
        "x": 0.036,
        "y": 0.145
      },
      "kind": "title",
      "text": "Corporate Bond Market Update",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2a2c1909-36ad-41a6-a30b-281cdd27a2e2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 27,
      "from": 16,
      "beatId": "ad9858c6-2f4d-4230-8396-c447582c784c",
      "arcName": "Monroe's Motivated Sequence",
      "arcSlug": "monroes-sequence",
      "beatName": "Satisfaction",
      "beatSlug": "monroes-sequence-satisfaction",
      "evidence": "The capital markets investment framework and representative positioning provide satisfaction",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 27,
      "from": 16,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "59e01f1e-015e-49bf-98a1-fd41729047b7",
      "evidence": "The capital markets investment framework implies the cost of inaction",
      "position": 1,
      "objective": "Highlight the benefits of informed investment decisions",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}