The Federal Reserve’s recent announcement of the new stimulus package has resulted in another stampede by investors into higher-risk high-yield (junk) bonds. Inflows into junk bond funds were the second highest ever and the highest for this year. Even lower grade borrowers are selling junk notes in the U.S. at an “unprecedented pace” (“Junk-Bond Fund Deposits Soar to Highest This Year as ETFs Lead,” Bloomberg). Low interest rates have forced investors looking to maintain reasonable yields to venture farther out on the riskier end of the investment spectrum.