Tightening in junk-bond market may indicate a rough road ahead for U.S. equities.

Tightening in junk-bond market may indicate a rough road ahead for U.S. equities.

As investors poured money into mutual funds looking for yield, mutual funds bought corporate bonds.

As investors poured money into mutual funds looking for yield, mutual funds bought corporate bonds.

American-made collateralized loan obligations now being served in yield-starved Japan.

American-made collateralized loan obligations now being served in yield-starved Japan.

Fed's confidence in U.S. economy and delay on raising rates should have made junk bonds appetizing for investors, but they haven't.

Fed's confidence in U.S. economy and delay on raising rates should have made junk bonds appetizing for investors, but they haven't.