As the WSJ details:
In a way, the recent deterioration in corporate credit spreads and other lending indicators shows that the Federal Reserve can only do so much. The Fed has had success with its introduction of various programs to stabilize credit markets — but the generalized anxiety investors feel about the economic landscape has not been altered, and of late, it has worsened.
Credit spreads, on the whole, have worsened of late, widening against government-issued bonds, and credit-default swap spread levels have also widened, particularly for financial issues. But it’s important to note that this recent deterioration reflects worries about the economy rather than a fear-driven flight from risky assets due to liquidity concerns, as it did in the fall.