Fears about the economic turmoil caused by the COVID-19 pandemic caused high-yield, municipal and corporate investment-grade bond yields to rise significantly. In March, the spreads on high-yield bonds topped more than 1,000 basis points. Since April, spreads have steadily fallen and are almost at pre-pandemic levels. Today, high-yield bonds yield less than 500 basis points, below where they were at the end of 2019. Both municipal and long-term investment-grade bonds yield close to absolute all-time lows.