Bloomberg Businessweek

Why the Fed Rescued Risk Takers

When the coronavirus pandemic reached America’s shores, bond traders knew exactly what to sell first.

In the span of four and a half weeks, from Feb. 19 to March 23, the gap between rates on U.S. Treasuries and corporate bonds rated double-B, or just below investment-grade, spiked to 8.65 percentage points from 1.9 percentage points—a sign investors were demanding higher premiums to take the extra risk. That kind of punitive interest rate, unseen in more

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