Portfolio managers are raising red flags about the corporate bond market. Yield premiums have compressed to levels unseen since mid-2007, and that's making some nervous. When credit spreads tighten this much, it often signals complacency in the market—investors are pricing in little risk. That's a warning sign worth paying attention to. Whether you're looking at traditional finance or exploring opportunities across different asset classes, understanding these macro signals matters. History shows us that when bond spreads hit these extremes, reversals can be sharp and painful.