The US high-yield bond market is the dog that has rarely barked, never mind bitten, during the Federal Reserve’s (Fed) most aggressive interest rate-raising campaign in 40 years.
Companies are able to take the Federal Reserve's rate hikes in stride because only a small slice of their debt has reset higher, according to BofA Global.
The Federal Reserve's rate hikes are making it more painful for companies that need fresh debt, says Torsten Slok, chief economist at Apollo Global Management.