Credit Investors Show No Sign of Risk Aversion Despite Pimco's Alarm

The video discusses the current market sentiment, highlighting a risk-off feeling in the markets. It examines credit default swaps and the rising implied spread on high yield bonds, noting significant outflows from major high yield bond ETFs. Despite these movements, bond spreads remain subdued, indicating a complacent environment. PIMCO is raising concerns about credit markets, but there is no substantial risk aversion observed.

In what way does the text describe the current environment in credit markets?

What warning is PIMCO sounding regarding credit markets?