The US junk bond market is under severe pressure: The effective yield on US CCC-rated and lower-rated high-yield corporate bonds is up to 18.0%, its highest level since the 2020 pandemic. This figure has surged +500 basis points over the last 6 months, marking its largest 6-month increase since the 2022 bear market. For perspective, this yield peaked at 45.0% during the 2008 Financial Crisis. Meanwhile, credit spreads for CCC-rated and lower corporate bonds over Treasuries are up to 13.4%, the widest gap since July 2020. Over the last 6 months, this gauge has risen +464 basis points, surpassing the 2022 bear market peak of 12.8%. Cracks are widening beneath the surface of the credit market.