Cracks are appearing in the high-yield bond market as investors demand higher risk premiums, with spreads widening to levels not seen since April, CNBC analysis points out. High-yield bond yields are currently at 8.1%, up from 7.22% a month ago, with spreads for the lowest-rated CCC and below bonds climbing to approximately 1250 basis points. Michael Arone, Chief Investment Strategist at State Street Investment Management, stated that the market is currently at a "flashing yellow light" but "far from a red light."