Since June 30, trading in speculative-grade bonds in the U.S. has fallen 18.1% from volumes in January through June, the biggest volume decline since 2008, according to industry data. "There's still a level of uncertainty out there that keeps people from having that extra level of conviction that they would have," said Brian Kennedy of Loomis Sayles. "It's hard for us to imagine that we'd have a real pickup in volume."

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