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Riskiest Junk Bonds Completely Blow Off the Fed, Face “Sudden” Reckoning

by Wolf Richter
Wolf Street

Still dreaming in la-la-land.

High-grade corporate bonds are “gradually” – the key word in everything the Fed says – and reluctantly coming to grips with the new era: Yields are rising and bond prices are falling. The Fed has been laboring to accomplish that. With high-grade debt, the Fed’s plan is working “gradually.” But investors in the riskiest corporate junk debt are totally blowing off the Fed. They’re floating around in their own dream world, facing a very rude awakening.

Continue Reading at WolfStreet.com…

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