Amid a boom in the corporate debt market, the Federal Reserve started its highly anticipated corporate bond program last Tuesday. The central bank will kick off its Secondary Market Corporate Credit Facility in which it will buy exchange-traded funds (ETFs) that track the corporate debt market. The facility will purchase ETFs that hold “fallen angel” bonds of companies that were investment grade and have been downgraded to “junk” bonds due to the coronavirus crisis. This program was announced in April but the Fed held off on launching until it worked out the details.

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