... the yield of the BofA Merrill Lynch index shot up from around 8% to 21.5% between June 2014 and February 12, 2016. But then the Fed heard the screaming from Wall Street about the chaos in the markets, with junk bonds losing their grip and large swaths of stocks careening deeper into a bear market. Incapable of any independence whatsoever, it brushed rate hikes off the table and changed its verbiage. What ensued was a marvelous rally all around, particularly in bonds.

... for bottom-fishers in the now turbulent sea of junk bonds, the two-month rally is likely to reverse. Since contagion has spread to sectors beyond energy, even a rise in crude oil prices isn't going to provide a cure. And historically, stocks follow junk bonds, so seat belts might be required all around.''

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