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Recent reports indicate that practiced investors are growing cautious about corporate bonds, with firms like Franklin Templeton and AXA Investment Managers reducing their allocations in favor of safer government bonds and cash. Tight spreads have led to heightened scrutiny, as money managers believe that the minimal rewards do not justify the risks involved. Despite a flood of funds pouring into corporate bond markets, driven by a sustained sense of complacency, there are clear signs indicating the environment may be heading towards a downturn.