Those chasing returns in credit need to be aware of what the Fed is and isn't trying to achieve, so let's dig in.
Here's my take on the Fed's corporate bond ETF buying, Germany's ruling on quantitative easing and the Treasury's decision on new bond sales.
This is a game in which Jerome Powell & Co. have played their turn, and now await their opponent's move; also here are the bonds to own now.
The Fed has made three big changes to its corporate bond-buying program, and here's my take what the controversial moves mean.
QE does not produce growth, it just delays the inevitable problem and kicks the can further down the road. Meantime, we have a curve ball (the Fed) that keeps throwing trillions at the market, buying riskier assets each time.
But as jobless claims explode while the coronavirus takes its toll, we have heroes at the nation's hospitals and heroes delivering packages and stocking shelves, and we have possibly the greatest Fed ever.
As the Covid-19 crisis takes its toll on our people and economy -- and the world's -- we must break things down as simply as possible to see what's happening.
After a strong day for fixed-income markets, let's learn from 2008 how to play this volatility.
Here's my take on bonds and the economy amid the coronavirus outbreak, which policies would work -- and what to considering buying now.
Kraft Heinz, Macy's and Renault have all recently been downgraded, and now the question must be asked: Is this the start of something bigger?