B-rated junk bond yields hit 18-month high of 8.39%, CCC yields jump to 15.7%

The gap between B and CCC yields is the real signal here: the market is pricing a sharper divide between merely speculative credits and the weakest borrowers, rather than a uniform risk-off move. That spread matters most for issuers needing to refinance, since the lowest-rated names now face a materially higher cost of capital than the tier just above them. Whether CCC yields keep widening relative to B is the open question, and it is the cleaner read on whether this is broad rate pressure or genuine credit deterioration.