Uh-oh

Here it comes:

What happens when the Federal Reserve loses its stranglehold over debt markets? Investors are finding out.

The selloff in corporate bonds is deepening and investors are seeking safety in the longest-dated government debt, which does best when the economy does worst. Defaults are rising as oil tumbles and investors are looking for the best ways to hedge against credit losses.

That's the thing about a stranglehold -- eventually it leads to a strangling.