``Risk, which the Fed had so ingeniously removed from the equation, is suddenly rearing its ugly head again. How suddenly? This chart of yields at the riskiest end of the junk bond market -- bonds rated CCC and below -- shows what happened. These bonds have been selling off over the past 12 months, with exception of the sucker rally earlier this year, and their yields more than doubled from less than 7.9% in June a year ago to 16.2% by Thursday evening. And Thursday was a massacre... yields jumped 2.6 percentage points, from 13.58% to 16.18%, as these junk bonds plunged. Those kinds of single-day vertigo-inducing sell-offs are rare in normal times, and there haven't been any since the Financial Crisis.'''

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