Have a look at the Spreads for US High Yield (5 Year tenors).
Spreads are plotted inversely – wider is lower (like bonds selling off).
Obviously, partially Credit spreads have widened at least partially because Interest Rates declined, yet, it was more than just the Rates dynamics.
The recent stabilization of High Yield spreads is very encouraging (since Dec 30) and should be a great sign for Credit, Loans, and Equities.
How do you feel about Credit now?