The U.S. leveraged loan segment lost hefty 0.46% today after dropping 0.49% on Friday, according to the Morningstar LSTA US Leveraged Loan Index.

These outsized declines, in what traditionally is a less-volatile asset class, marks the largest two-day drop for the floating-rate debt segment since June, and comes as investors maintain a risk-off stance amid darkening economic projections and continued steep rate hikes by the Fed.

The Morningstar LSTA US Leveraged Loan 100, which tracks the 100 largest loans in the broader Index, lost 0.57% today.

Loan returns are -1.57% in the month to date and -2.56% in the YTD.

This article originally appeared on PitchBook News