[$425 billion debt Mount Tai: High interest rates are aggravating US corporate default fears!] Friday's strong U.S. nonfarm payrolls report further increased the likelihood that the Federal Reserve will raise interest rates again this year, while also hurting credit markets already hurt by years of soaring yields. The strength of the US Labour market raises the possibility that the Federal Reserve will not cut interest rates next year - a big headwind for US companies, many of which have been forced to raise debt even as yields have soared over the past year.