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June has been the worst month for U.S. corporate bonds since the start of the pandemic by at least one measure, but investors like TCW Group Inc. and Voya Investment Management think it’s too soon to hunt for bargains.

Many credit investors are hoarding cash as the Federal Reserve tightens aggressively, having lifted rates this week by the most since 1994, with a goal of taming inflation. They’re hesitating to buy even after junk bonds have dropped 5.7 percent in June through Thursday, on track for their worst month since March 2020. Risk premiums on U.S. high-grade corporate bonds are climbing toward their highest levels in about two years.


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