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?

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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

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

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

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