If you look at the Fed Funds Rate (FFR) history going back to 2001, the Fed eased from Jan 2001 (FFR 6%) all the way to June 2003 (FFR down to 1%). Then, they started tightening again a year later in June 2004, and both high-yield and investment grade bonds actually went UP in value, not down, for about 6 months.
I remember very well that in June 2007 the FFR was at 5.5% and VWEHX was at $6.25/share. Junk doesn't always follow the inverse rate vs. price relationshp for traditional bonds. It is a hybrid security somewhere between equity and a true debt instrument. The NAV's follow the stock market more than interest rate changes.