Spreads on US CCC-rated corporate bonds over Treasuries exceeded 1,000 bps, up from about 860 bps in early September and the widest since the 2023 regional bank crisis when investors sold high-risk credit. Such risk premia typically indicate elevated odds of default, restructuring or losses. Collin Martin, head of fixed-income research and strategy at Charles Schwab Wealth Management, said the main driver is an economy that is performing adequately but not robustly; CCC issuers are the riskiest and most sensitive to interest-rate moves.(金十)