What economic situation is most likely associated with the scenario below?

Three (3) years ago Treasury spreads on 10-year BBB rated corporate bonds were 750 basis points (7.50%).

Today, Treasury spreads on 10-year BBB-rated corporate bonds are 25 basis points (0.25%). To be clear, the bonds are exactly the same and carry the same risk, only the spreads and dates are different.

		This suggests that trading liquidity in 10-year BBB bonds may have worsened over the last 3-years.
		This means that we have likely moved from a recessionary environment (3-years ago) into a much more stable and strong economic environment.
		This means that 10-year Treasury bonds prices have increased more significantly than BBB rated bond prices.
		This suggests that BBB corporate bonds are deemed much more risky to investors today when compared to 3-years ago