A recent spate of credit downgrades in the US has thrust high yield credit into the spotlight. The Fed will be acutely aware of the ructions taking place in credit markets with a number of high profile credit funds freezing investor redemptions and junk bonds providing negative returns for the YTD. To get some perspectives on the implications of these moves Livewire asked two of our contributors if they believe we’re now nearing the end of the current credit cycle. If not, how far through the cycle are we?