QE3 Turns Safe Investments into Losers

It might be time to find a new term to replace “high yield bonds” as the polite version of junk bonds – fixed income securities issued by companies with below-investment grade credit ratings. These days, the phrase “high yield” hardly describes the interest rates this group of companies is paying investors for the additional risk the latter are running – the average yield hovers just north of 6 percent.

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