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The high-yield bond market, often also called junk bonds

Fuss was sceptical that the Federal Reserve would be able to lift interest rates significantly in the coming years  - said he was mostly worried about the high-yield bond market, often also called junk bonds.

Fuss started his career in finance in 1958, when he left the US Navy for a job at Wisconsin bank. After a subsequent stint managing Yale University’s endowment he joined Loomis Sayles in 1976 and managed one of its flagship bond funds until he finally stepped back from day-to-day portfolio management earlier this year, aged 87.

The average yield of US high-yield bonds spiked to a peak of over 11 per cent in March 2020, but fell to a record low of under 4 per cent earlier this autumn.

FT 19 November 2021


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