KYOCY - Forget About Juicy Dividend Yields

The market of superlatives continues. This past week the rally in risk assets was fueled by another big action by the Federal Reserve. The Fed is moving into the junk bond market and will be buying broadly junk credit. This goes well beyond Financial Crisis era QE, which stopped at Mortgage-Backed Security ((MBS)) purchases. While the economy may or may not rebound in a V-shape, the credit market apparently will, and income seeking investors in the bond market will be further staved. The chart below of the high-yield ETF says it all. Once again,