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CRF - What Does The Fed's Wind-Down Of Its Corporate Bond Holdings Mean To The Market?
Cornerstone Total Return Fund Inc.
The wind-down of the Fed’s $13.8 billion portfolio of corporate bond holdings and ETFs should have a limited effect on the market, as the purchases did not last for long or amount to that much.
We think that spreads could widen slightly, but the market will not have that much difficulty absorbing the wind-down.
Year-to-date corporate bond issuance is $685 billion, so relative to that, the $13.8 billion isn’t a very large amount.