Falling Junk-Bond ETFs Show Concern After Bank Retreat
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It’s been an ugly week for U.S. high-yield bonds, the worst in more than a year.
As investors fled, they turned to the easiest exits and pulled more than $1 billion from exchange-traded funds, according to data compiled by Bloomberg. With Wall Street banks generally devoting less capital to trading, there wasn’t much of a buffer on the other side to prop up values.