The high-yield index hit record highs on Powell's dovish Fed outlook. The lowest-rated debt has led the charge with 6% returns this year.

Bloomberg reports Junk Bonds Rage as Clear Channel Sells Biggest CCC in Months.

High-yield debt has already proven to be one of the best-performing asset classes in fixed income this year, led by CCC rated bonds that have so far returned just over 6 percent, Bloomberg Barclays index data show.

Junk bonds and speculative risk taking go hand in hand with stock market gains. With that thought, let's discuss take a look at bond ratings to see what's delivering the gains.

CCC Debt Leads the Revival

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CCC rated "garbage" one or two steps above "default imminent" is leading the rally.

What's Powell going to do for an encore? Buy junk bonds?

Mike "Mish" Shedlock

Junk Bond Bubble in Pictures: Deflation Up Next

The widely discussed "everything bubble" is, in reality, a corporate junk bond bubble on steroids sponsored by the Fed.

Junk Bond Bubble in Six Images

The junk bond to BBB-rated bond spread and the spread between AAA to BBB bonds shows amazing complacency. It won't last.

Questioning the Value of Junk

I am in awe at how little extra yield investors are willing to take for junk bonds vs AAA-rated Bonds.

Mutual Fund Whale Goes "All In" On Junk Bonds

A mutual fund whale likes to time the junk bond market. The whale is back to "all in" via ETFs.

Tracking the Amazing Junk Bond Bubbles in the US and Europe

In response to Bubblicious Debate: Greenspan Says “Bond Bubble About to Break”, No Stock Market Bubble, reader AC wants to know how to track it.

Too Safe to Fail: Implied Default Rate for European Junk Bond is Negative 1.1%

Apparently, European junk bonds are too safe to fail. Fundstrat Global Advisors’ Thomas Lee says the market-implied default rate for a European junk bond sits at a negative 1.1%.

Illinois Budget Out of Balance Again: Solution More Junk Bonds

An Illinois "Road Show" touts more junk bonds as a solution to a perpetual budget crisis. What a bunch of garbage.

Ford's Bonds Crushed on Moody's Downgrade to One Notch Above Junk

Ford bonds are down 4% after being downgraded to one step above junk. Moody's outlook is negative.

Junk Bond ETFs Have Rough Two Weeks: Deals Pulled, Outflows Rise

Volatility has returned, at least in the junk bond market. JNK, the Barclays High Yield Bond ETF, and HYG, the iShares High Yield Bond ETF, both had the steepest decline in three months. Is this another buy the dip opportunity, or is risk avoidance about to take hold?