The case study analyzes the impact of macroeconomic news announcements on the yields and yield spreads of high-yield and investment-grade bonds. The study uses data from Financial Industry Regulatory Authority's (FINRA) Trace corporate database, covering the period from 2005-2010. Various regression models are employed to examine the effects of positive and negative news on bond yields and yield spreads, revealing that high-yield bonds are more sensitive to macroeconomic news than investment-grade bonds.