The Federal Reserve is expected to raise interest rates again later this month, but if that's another signal that headwinds are building for fixed-income securities, the warning isn't resonating in the junk bond market these days.
The crowd's appetite for below-investment-grade US debt remains strong in the eighth year of a US economic expansion. By some accounts, the hour is late and so there's reason to wonder if a full-throttle embrace of junk is wise. With yield spreads near post-recession lows and the expected trajectory of interest rates still pointing upward, the bears argue that