Group 1 - The U.S. junk bond market is showing optimistic economic signals despite recent uncertainties related to tariffs, indicating that investors do not expect a recession [1][3] - The current spread between high-yield corporate bonds and U.S. Treasuries is approximately 2.88 percentage points, lower than any point in 2021, reflecting strong market confidence [3] - The performance of the high-yield bond market aligns with trends observed in large-cap U.S. stocks, suggesting a bullish sentiment among bond investors, who are typically more cautious than stock market participants [3] Group 2 - The total return for iShares iBoxx High Yield Corporate Bond ETF (HYG.US) was 5% for the first half of 2025, while SPDR Bloomberg High Yield Bond ETF (JNK.US) recorded a return of 4.8% [4] - In July, the junk bond market experienced a slight pullback due to renewed focus on tariff developments, particularly following announcements of new tariffs on imports [4] - The average annual yield in the U.S. high-yield bond market is currently around 7%, although this yield may fluctuate with changes in spreads [5]