Cracks are forming in the junk bond market as investors demand higher payouts for owning the market's riskiest debt. It isn't time to ditch high-yield bonds, but investors should pay attention to the warning signs. High-yield bonds now yield 8.1%, up from 7.22% a month ago. The increase reflects a jump in yields across the curve as investors bake in more inflation from high energy prices and other pressures, including concern about the deficit — hitting nearly $2 trillion in the fiscal year that ended Sept. 30. The high-yield market is also showing stress on the credit side with spreads recently widening to levels not seen since April, according the Federal Reserve Bank of St. Louis .
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