President Trump’s sweeping tariff announcement on April 2nd, a 90-day pause for most countries yet with escalating tariffs on China, exemptions on tech products from China, and later, news that these exemptions may only be temporary have left investors deeply unsettled.

While much of the focus last week was on soaring Treasury yields and falling stock markets, corporate bonds were hit hard, too.

Spreads on corporate bonds widened by the most since the regional banking crisis two years ago, as investors demanded higher returns in a riskier, more unpredictable environment.

Bond funds have seen huge outflows and the market for new issues of debt has all but ground to a halt.

In this podcast, ING's Credit Strategist Tim Rahill explains why he remains so cautious about the market and why investors need to be selective.