Risky corporate debt markets have enjoyed a massive rebound at the start of 2019. But don’t be fooled into thinking the outlook has suddenly brightened. Junk-rated loans in particular still face the growth troubles that helped drive December’s selloff.

Whatever happens next to economic growth and interest rates, borrowing will likely get more expensive for risky companies. If growth is firm, rates will rise further and existing loans will cost more to service; but if growth slows, earnings will slow, too, and debt burdens will remain larger for longer.

One of the key reasons investors buy floating-rate loans, which are mainly used to finance private equity deals and dividends, is for protection against rising interest rates. If the Federal Reserve has already raised enough times, that attraction is gone.

Mounting signs of a slowdown sparked heavy selling of both high-yield bonds and leveraged loans at the end of last year. Yields on the main index of U.S. leveraged loans jumped more than 1 percentage point to 7.24% during November and December, according to S&P Global Market Intelligence LCD. Similarly, junk-bond yields jumped to more than 8%.