By James Crombie, Bloomberg Markets Live reporter and strategist

Rising global turbulence is starting to jolt credit investors out of their slumber. But corporate debt spreads will stay anchored unless yields plummet, or the economy tumbles into recession.

While chaos in Washington has whipsawed stocks, Treasuries and currencies, US corporate bond spreads only widened by a few basis points. Leveraged loans and high-grade debt bore the brunt, but the overall credit story is one of resilience and calm, not panic or wholesale risk repricing.