Bubblicious ICE BofA CCC & Lower US High Yield Index Total Return Index ValueFRED:BAMLHYH0A3CMTRIVMonetaryRebelThese are overlaid as % to properly compare. Notice how in the past, junk bonds yielded a higher return than the SPX did. This makes sense if you consider higher risk = higher return. Now... that has flipped. Because, of course it has. Ai, Ai, Ai, Ai. The current gap is massive. The only way stocks don't come down hard, very hard, is assuming that junk bond yields will rise substantially without anything breaking and corporations still being able to pay their bills. I think most investors have forgotten what a credit cycle is. I'm sure they'll know what that is a year from now.