Yesterday the high-yield market opened weaker in the morning but rallied into the afternoon after Fed Chair Yellen’s comments eased rate hike fears, as she suggested that the Fed will remain cautious. One benchmark deal came Tuesday for T-Mobile, pricing $1 billion in new debt. Fund flows remained flat Tuesday coming in at -$6 million for the day. The yield and spread on the Bank of America High-Yield Index continued to widen Tuesday closing at 8.53% and +714, wider by 8bps/15bps on the day and 12bps/21bps on the week. This morning we’re opening up higher by about ½ of a point generically as yesterday’s Yellen-induced rally spills into this morning’s session.