A new part of the market is melting down as panicked investors get another 'wake-up call'

While stocks and Treasurys experienced violent selloffs, the credit market hung in there admirably. That changed this past week as investors pulled near-record amounts of capital from credit funds. Morgan Stanley warns of more credit market turbulence ahead, and reaffirms its 2018 forecast that US corporate bond returns will be negative. During the recent market meltdown, one asset class remained a silent beacon of strength. You may not have noticed as stocks and Treasurys took...