This page illustrates a broad overview of the U.S. investment grade bond market. The left shows the spread over similar duration government bonds—a measure of how much investors get paid to take on the additional risk of investing in investment grade debt. The low spread we currently see suggests investors are less worried about default risks. The right shows that the makeup of the investment grade index has been shifting over time to lean towards more risk. The share of BBB-rated (or those bonds that are just within the investment grade quality rating) and duration (sensitivity to interest rates) of the index have trended upward over recent years.