Total purchases reached $1.3 billion by May 18, though a separateAbout $223 million of the Fed's ETF holdings are focused on high-yield debt, exposing the bank to firms at greater risk of default amid the coronavirus recession.
The Federal Reserve's first week of corporate-credit exchange-traded fund purchases primarily drove cash into industry giants including the iShares iBoxx US Dollar Investment Grade Corporate Bond ETF and Vanguard's Intermediate-Term Corporate Bond ETF, a FridayThe central bank boosted credit markets through the coronavirus pandemic after announcing its historic move into corporate-debt assets.
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Just in time for the greater fool to step in.
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