With most of the debt now being held by institutions, contagion is no longer a concern, says Morningstar's Bob Johnson .
Consumers are buying, but not everything that retailers are selling, writes Morningstar's Bob Johnson .
As the economy remains soft and uncertain, Fed tapering is now more likely a 2014 event, writes Morningstar's Bob Johnson .
Seemingly nothing could derail the bull market in 2013.
The boost from declining rates may be over, but macroeconomic fundamentals in the U.S. should generally be supportive of credit risk.