The Federal Reserve blasted markets with a big dose of liquidity and zero interest rates, but credit markets remain stressed and are looking for more help.
The Federal Reserve fired a policy bazooka on Sunday, adding liquidity and slashing rates to zero, as well as a big asset purchase program.
Federal Reserve Chairman Jerome Powell delivers the Federal Reserve's Semiannual Monetary Policy Report to the Senate Banking Committee on February 26, 2019 in Washington, DC.The Federal Reserve blasted markets with a hefty dose of liquidity, zero interest rates, and a huge asset-buying program, but credit markets remain stressed and are looking for more help from Washington.
HYG, a high-yield corporate-bond, exchange traded fund, was down 5.5%, as spreads continued to widen in the corporate debt market, particularly in the weakest credits. Treasury yields declined slightly, with the 10-year at 0.745%. "I think what they're doing is incredibly impressive. They're being imaginative. They're getting the right areas and the size and length of what they're going to do," said Rick Rieder, chief investment officer of fixed income at BlackRock. "They've got to get to commercial paper next. ... Once the Fed and Treasury come with a solution in terms of funding, that's one of the situations that will go away quickly.
Atluri said the problems in the Treasury market that cropped up last week are unusual. The large market for off-the-run Treasurys, or older securities in the market, were trading at a discount from the on-the-run, the newest securities. "The Fed did a bunch of things. They announced that instead of increasing the balance sheet by buying bills, they were buying across the curve," he said. On Sunday, the Fed then said it would buy $700 billion in mortgages and Treasury securities.
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