Fed’s safety nets are ‘fundamentally unsustainable’

Tightrope

The US Federal Reserve has unveiled an unprecedented series of relief measures aimed at restoring financial market functioning, during the past three months. Notably, through its Secondary Market Corporate Credit Facility (SMCCF) and Primary Market Corporate Credit Facility (PMCCF), the Fed started intervening in markets it had not ventured into before. The purchase of corporate bond exchange-traded funds (ETFs), secondary market corporate bonds and newly issued corporate debt – all including

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