Investment thesis: The normally very placid bond markets are still extremely volatile. Both the Treasury and corporate bond markets only recently were in the middle of a huge seizure caused by a giant cash crunch in the economy. Only the Fed implementing programs in its lender of last resort capacity kept the markets going. When bonds are this volatile, the safest course of action is staying on the sidelines.
The Federal Reserve's actions over the last several weeks are unprecedented. They also show that the Fed takes its position as a "Lender of Last Resort"