(Reuters] – Wednesday’s stock market tumbled due to concerns about U.S. rates hikes that could hurt growth, and additional Western sanctions against Russia inciting inflation.

Spread on the iTraxx European Crossover Index, which measures the cost to insure against defaults on bonds issued from a group of European sub-investment grade companies, jumped as high as 17 bps per day to 361 bps. This is the largest spread in more than a week.

In the two most recent sessions, the index spread has risen to 30 bps. It is less than a third the extent of spread tightening which followed an abrupt selloff in the aftermath of Ukraine’s invasion.

Although the index spread reached a peak of nearly 430bps in March, it dropped more than 100bps to 324bps by March’s end.

Similar to the iTraxx Europe, index that measures cost of insurance against default for investment-grade corporate bonds and rises 3 bps at 76 bps. It is now the highest spread in over a month.