Fears of a recession and the Federal Reserve's aggressive rate hikes have pushed investors to dump corporate debt in recent weeks. The sell-off hasn't gotten as much attention as the bleeding in stocks or cryptocurrencies, but it's been painful.

What's happening: A major exchange-traded fund that tracks blue chip bonds from top-rated companies is down almost 18% year-to-date. So-called "junk" bonds issued by less creditworthy firms are 16% lower.

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