Because credit and default risk are the dominant drivers of valuations of high yield bonds, changes in market interest rates are relatively less important. (fidelity.com)
I prefer to use it as a rough estimate of the likely upper end of valuations for my basket of stocks. (greenbackd.com)
I'm with them; I think it will be extremely hard to get to 5 %, given the low rates on bonds and the high valuations on stocks and private equity. (abnormalreturns.com)