We ended 2013 with virtually everyone (except us) expecting rates to rise in the year ahead as the long awaited “taper” began. Well, so far in 2014 we certainly have not seen any rate pressure materialize as the Fed slowly decreases their asset purchases. With unemployment and underemployment still elevated, very moderate global growth, demographic headwinds, and the Fed explicitly clear in extending their low interest rate policy for a “considerable time” once their asset purchases have been eliminated presumably by the fall of this year, it is unclear that a rapid rise in rates is on the horizon. But for the sake of argument, let’s assume that rates do rise from here. What does that mean for the high yield market and the various “strategies” out there to deal with rising rates? Click here to read our recent piece “Strategies for Investing in a Rising Rate Environment.”