Exuberance for risky debt is moving toward Europe, and away from the U.S.

Junk bonds in the U.S. now offer investors the most extra yield relative to European ones on record, according to Bank of America Merrill Lynch index data.

The reason? Investors are attracted by the outlook for more stimulus from the European Central Bank (ECB)which would support demand for risky assets in the region, just as the Federal Reserve prepares to raise interest rates in the U.S. after keeping them near zero since 2008.

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