How would you characterize the U.S. credit market today (July 14, 2021) in terms of the full spectrum of credit risk, from “Very Benign to Very Stressed”?

Credit Risk

Answer the below question:
How would you characterize the U.S. credit market today (July 14, 2021) in terms of the full spectrum of credit risk, from “Very Benign to Very Stressed”? In other words, where are we in the credit cycle? You should defend your evaluation. Do you think that the default rate on U.S. High-Yield bonds will be higher, lower or about the same as the historical average (3.3%) for 2021? Why?