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issuer will be unable to make scheduled interest and principal payments in a timely manner.^:208 The default rate in the high-yield sector of the U.S. bond market has averaged about 5% over the long term. During the liquidity crisis of 1989-90, the default rate was in the 5.6% to 7% range. During the COVID-19 pandemic, default rates rose to just under 9%.^:209 A recession and accompanying weakening of business conditions tends to increase the possibility

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