After one the biggest rallies in the last seven years off the Feb lows, high-yield bond investors are rushing into bearish (hedge) positions 
ahead of this week’s Fed/BoJ spectacle. Put volume (protecting downside) in the last few days has soared to levels only seen around Brexit and last December’s Fed rate-hike as Bloomberg notes, investors have already become skittish on signs that global central banks may turn off the spigot.
HYG has seen a yuuge surge off the Feb lows…
….related:
Bond Bubble has Finally Reached its Apogee
