Corporate yields over Treasuries on corporate debt have shrunk as much as 0.38 % points on average to 2.9 percentage points from the high this year in June. Investors drove U.S. Corporate bond yields now sit on average at 4.98% last week, the lowest since March 2004, from this year’s high of 5.75% on Jan. 4, according to Bank of America Merrill Lynch index data.

Debt sales totaled $90.1 billion last month, the busiest July on record, Bloomberg data show.

The Commerce Department data also showed business investment climbed at the fastest rate since 1997 as corporate profits rose, according to Bloomberg.

Earnings will rise 35 percent this year, the most since 1988, forecasts show. Following the 2001 recession, income growth never exceeded 20 percent.