U.S. Credit Risk Index Deteriorates Most in 2 Months on Fed Rate Hike Bets

According to S&P Dow Jones Indices, U.S. credit risk expectations worsened significantly following stronger-than-expected May employment data, which pushed bond yields higher. The CDX Investment Grade Index rose 1.58 basis points to 52.479, marking its largest single-day increase since March 27 on a roll-adjusted basis. The corresponding high-yield debt index fell 0.32 points to 107.82, the steepest daily decline since May 15.
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