US Credit Risk Gauges Fall Most Since April 2020 on Tariff Pause

Key US credit risk measures eased by the most since April 2020, when the Federal Reserve sparked a rally by saying it would include junk debt in asset purchases related to pandemic rescue plans.

• The spread on the Markit CDX North American Investment Grade Index, which falls as credit risk eases, tightened as much as 11 basis points to 71.4 basis points
• The Markit CDX North America High Yield Index, which rises as risk falls, rose as much as 2.5 points to 103.9

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