| Chart
8
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| Investors are taking on more and more risk: real yields on high-yield corporate bonds are at 15-year lows. | ||
| Date | Yield on KBD high-yield corporate bond index less inflation (percentage points) | |
| Aug-91 | 9.28 | |
| Sep-91 | 9.78 | |
| Oct-91 | 9.75 | |
| Nov-91 | 9.38 | |
| Dec-91 | 9.94 | |
| Jan-92 | 8.95 | |
| Feb-92 | 8.25 | |
| Mar-92 | 7.91 | |
| Apr-92 | 8.00 | |
| May-92 | 8.05 | |
| Jun-92 | 8.01 | |
| Jul-92 | 7.56 | |
| Aug-92 | 7.57 | |
| Sep-92 | 7.68 | |
| Oct-92 | 8.00 | |
| Nov-92 | 7.87 | |
| Dec-92 | 7.84 | |
| Jan-93 | 6.83 | |
| Feb-93 | 6.48 | |
| Mar-93 | 6.34 | |
| Apr-93 | 6.18 | |
| May-93 | 6.00 | |
| Jun-93 | 5.82 | |
| Jul-93 | 5.97 | |
| Aug-93 | 6.44 | |
| Sep-93 | 6.62 | |
| Oct-93 | 6.34 | |
| Nov-93 | 6.33 | |
| Dec-93 | 6.26 | |
| Jan-94 | 6.32 | |
| Feb-94 | 6.50 | |
| Mar-94 | 7.41 | |
| Apr-94 | 8.13 | |
| May-94 | 8.23 | |
| Jun-94 | 8.07 | |
| Jul-94 | 8.05 | |
| Aug-94 | 7.87 | |
| Sep-94 | 7.87 | |
| Oct-94 | 8.36 | |
| Nov-94 | 8.60 | |
| Dec-94 | 8.52 | |
| Jan-95 | 8.19 | |
| Feb-95 | 7.69 | |
| Mar-95 | 7.72 | |
| Apr-95 | 7.12 | |
| May-95 | 6.78 | |
| Jun-95 | 6.94 | |
| Jul-95 | 7.04 | |
| Aug-95 | 7.43 | |
| Sep-95 | 7.45 | |
| Oct-95 | 7.24 | |
| Nov-95 | 7.33 | |
| Dec-95 | 7.22 | |
| Jan-96 | 6.83 | |
| Feb-96 | 6.77 | |
| Mar-96 | 6.93 | |
| Apr-96 | 7.05 | |
| May-96 | 7.13 | |
| Jun-96 | 7.29 | |
| Jul-96 | 7.29 | |
| Aug-96 | 7.27 | |
| Sep-96 | 6.77 | |
| Oct-96 | 6.86 | |
| Nov-96 | 6.42 | |
| Dec-96 | 6.17 | |
| Jan-97 | 6.54 | |
| Feb-97 | 6.27 | |
| Mar-97 | 7.21 | |
| Apr-97 | 7.55 | |
| May-97 | 7.35 | |
| Jun-97 | 7.14 | |
| Jul-97 | 6.79 | |
| Aug-97 | 6.88 | |
| Sep-97 | 6.62 | |
| Oct-97 | 6.86 | |
| Nov-97 | 7.04 | |
| Dec-97 | 7.24 | |
| Jan-98 | 6.99 | |
| Feb-98 | 7.08 | |
| Mar-98 | 7.04 | |
| Apr-98 | 7.05 | |
| May-98 | 7.00 | |
| Jun-98 | 7.08 | |
| Jul-98 | 6.96 | |
| Aug-98 | 8.36 | |
| Sep-98 | 8.52 | |
| Oct-98 | 8.92 | |
| Nov-98 | 7.97 | |
| Dec-98 | 7.95 | |
| Jan-99 | 7.83 | |
| Feb-99 | 8.04 | |
| Mar-99 | 7.73 | |
| Apr-99 | 6.83 | |
| May-99 | 7.71 | |
| Jun-99 | 7.91 | |
| Jul-99 | 7.92 | |
| Aug-99 | 8.11 | |
| Sep-99 | 8.01 | |
| Oct-99 | 8.16 | |
| Nov-99 | 7.79 | |
| Dec-99 | 7.77 | |
| Jan-00 | 7.96 | |
| Feb-00 | 7.47 | |
| Mar-00 | 7.30 | |
| Apr-00 | 8.08 | |
| May-00 | 8.43 | |
| Jun-00 | 7.49 | |
| Jul-00 | 7.51 | |
| Aug-00 | 7.51 | |
| Sep-00 | 7.61 | |
| Oct-00 | 8.12 | |
| Nov-00 | 8.93 | |
| Dec-00 | 8.31 | |
| Jan-01 | 6.73 | |
| Feb-01 | 6.81 | |
| Mar-01 | 7.90 | |
| Apr-01 | 7.67 | |
| May-01 | 7.18 | |
| Jun-01 | 7.92 | |
| Jul-01 | 8.27 | |
| Aug-01 | 8.20 | |
| Sep-01 | 9.52 | |
| Oct-01 | 9.49 | |
| Nov-01 | 8.89 | |
| Dec-01 | 9.55 | |
| Jan-02 | 9.75 | |
| Feb-02 | 9.71 | |
| Mar-02 | 9.07 | |
| Apr-02 | 8.70 | |
| May-02 | 9.98 | |
| Jun-02 | 10.40 | |
| Jul-02 | 10.41 | |
| Aug-02 | 9.69 | |
| Sep-02 | 10.31 | |
| Oct-02 | 9.53 | |
| Nov-02 | 8.35 | |
| Dec-02 | 8.35 | |
| Jan-03 | 7.85 | |
| Feb-03 | 7.32 | |
| Mar-03 | 6.80 | |
| Apr-03 | 6.78 | |
| May-03 | 7.05 | |
| Jun-03 | 6.54 | |
| Jul-03 | 6.78 | |
| Aug-03 | 6.46 | |
| Sep-03 | 6.01 | |
| Oct-03 | 5.82 | |
| Nov-03 | 6.02 | |
| Dec-03 | 5.30 | |
| Jan-04 | 4.97 | |
| Feb-04 | 5.38 | |
| Mar-04 | 5.23 | |
| Apr-04 | 4.90 | |
| May-04 | 4.89 | |
| Jun-04 | 4.53 | |
| Jul-04 | 4.65 | |
| Aug-04 | 4.56 | |
| Sep-04 | 4.56 | |
| Oct-04 | 3.46 | |
| Nov-04 | 3.03 | |
| Dec-04 | 3.13 | |
| Jan-05 | 3.75 | |
| Feb-05 | 3.47 | |
| Mar-05 | 4.19 | |
| Apr-05 | 4.21 | |
| May-05 | 4.64 | |
| Jun-05 | 4.76 | |
| Jul-05 | 3.84 | |
| Aug-05 | 3.60 | |
| Sep-05 | 2.84 | |
| Oct-05 | 3.41 | |
| Nov-05 | 4.32 | |
| Dec-05 | 4.27 | |
| Jan-06 | 3.57 | |
| Feb-06 | 3.88 | |
| Source: Bloomberg, Bureau of Economic Analysis
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