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(Bloomberg) -- As the global debt selloff deepens, T. Rowe Price Group Inc. is finding shorter-maturity bonds a safer bet amid expectations of a further rise in US Treasury yields and corporate defaults.Most Read from Bloomberg‘Poor Man’s Cocaine’ Costing $3 a Pill Threatens to ProliferateChina Evergrande Group Files Chapter 15 Bankruptcy in New YorkGoldman Plans Hiring Spree to Fix Lapses After Increased Fed ScrutinyNiger Soldiers Killed in Attacks by Armed Group, Ecowas SaysGlobal Yields Reach

The mountain of corporate debt could weigh on investment and hiring plans by US corporations, Goldman Sachs said.

Tightening credit conditions are signaling an imminent recession and could bring an wave of debt defaults, Deutsche Bank said.

The chief executive of Bank of America (BofA) is expecting a recession to hit the United States this year, with GDP growth projected to fall for three consecutive quarters.

Credit portfolio managers estimate U.S. corporate defaults to rise, according to a recent survey, with the vast majority of respondents expecting the country to slip into recession this year.