As a central bank policymaker, I closely monitor various types of excesses and imbalances that may be developing in the economy. One of the areas I monitor is the level and growth of indebtedness in the household, government and corporate sectors. In previous essays, I have commented on the positive impacts of the deleveraging of the household sector since the Great Recession, and I have raised a cautionary flag regarding the growth of U.S. government debt, including a substantial increase in the present value of unfunded entitlements.

作为央行政策制定者，我密切关注经济中可能出现的各种过度和失衡现象。我监测的领域之一是家庭、政府和企业部门的债务水平和增长。在之前的文章中，我曾对大衰退以来家庭部门去杠杆化的积极影响发表过评论，并对美国政府债务的增长提出了警告，包括政府补贴的现值大幅上升。

The purpose of this essay is to focus on trends in corporate debt growth and credit quality in the U.S. and discuss potential implications for economic conditions and financial stability.

本文的目的是关注美国公司债务增长和信贷质量的趋势，并讨论其对经济状况和金融稳定的潜在影响。