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ETFs are the canary in the bond coal mine - Tett

Even in good times “liquidity in corporate bond markets appear[ed] less robust” than before, as a report from BIS notes; in bad times, activity might freeze, it was feared.

So what actually happened in the Covid-19 market test? The Cassandras were partly right: in early March, the market for corporate bonds did indeed freeze

On March 23, the Federal Reserve took dramatic action to halt the freeze in corporate credit, announcing big purchases of company bonds.

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