The 'toxic mushrooms' in the high yield market

Global economic data appears to be incrementally softening, particularly in Europe, and increasing trade tensions are clouding an already uncertain outlook. In April, the International Monetary Fund (IMF) cut its outlook for global growth in 2019 to 3.3% - the lowest level since the Global Financial Crisis. At the time, the IMF noted that "global economic activity slowed notably in the second half of last year, reflecting a confluence of factors affecting major economies". With this in mind, what does slowing global growth mean for the high yield market?  While there is no doubt...