FYI: Don’t know what to make of the junk-bond market? Join the club.
One month, dollars are flooding into junk-bond mutual funds and exchange-traded funds. The next, dollars are pouring out the opposite direction. Consternation is nothing new for this part of the market: Junk bonds are essentially loans made to companies with poor credit ratings, and they have to offer relatively big yields to attract investors. But skittishness has been particularly high, with $9.3 billion fleeing junk-bond funds in December only for $9.6 billion to go right back in two months later.
Regards,
Ted
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