‘Monster’ rally shows junk index isn’t what it was

Speed of recovery reflects structural and technical changes in US high yield

At the end of June, bond markets were flashing red. The Ice BofA Move Index, which measures volatility in bond markets, had shot up 53% since the start of the year. Stubborn inflation readings, weakening consumer sentiment, Russia’s invasion of Ukraine and rocketing commodity prices all weighed on the US economy. A widely used Treasury market indicator was pointing towards recession.

Predictably, one of the US’s riskiest asset classes bore the brunt of the panic as investors dashed for the

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