The Federal Reserve's interest rate hike and subsequent increases should not fuel fears of more trouble in the high-yield debt market, widely followed distressed debt investor Howard Marks said Friday.
The U.S. central bank voted to raise the target range for its benchmark federal funds rate by 0.25 percent on Wednesday. The policy tightening comes amid troubles for some high-yield debt funds.
"Twenty-five basis points is not going to stress anybody out. I don't think they're going to move far enough or fast enough to change the equation," Marks said of the Fed's intent to normalize rates gradually.