Credit spreads

The extra yield US corporate bonds pay over Treasuries. A wider spread means investors ask more for credit risk.

US high yield, rated BB or below

Option-adjusted spread, percent. Dashed line: 20 day average.

3.34%5 days −9 bp20 days +23 bpRange 2.59% to 4.61%

Same dates as above, so spikes line up. Dashed line: 20 day average.

0.91%5 days −3 bp20 days +8 bpRange 0.73% to 1.33%

The extra yield US corporate bonds pay over Treasuries. A wider spread means investors ask more for credit risk.