Yes, the Fed is buying all the corporate debt papers that turned Sh*t to stop a systemic risk to the financial system.
You are not hearing this yet ...you either not hear it because the Fed is successful at putting its all stops, or you either hear it when they fail and the proverbial hits the fan...
Now we understand why the bond market is relatively calm, there is no price discovery because the buy and sell bids are wide apart, no one wants to buy a default paper, no one wants to be the first to sell at a fraction of what its worth, hence no price discovery...
The bond market is the big worry and one equity market participants are mostly oblivious to.
Graham Summers, Gains Pains & Capital
This is the Single Most Important Chart in the World Right Now The single most important chart in the world right now is investment grade credit spreads. The Fed has announced it will buy investment grade corporate debt for the first time in history. The Fed also announced that it will be directly buying investment grade corporate debt ETFs like $LQD. With that in mind, credit spreads on investment grade corporate debt have become “the canary in the coal mine” for this Fed intervention. If they collapse in a significant way despite the Fed buying them, then we know the Fed has failed to prop up the system.
You can see this in the below chart. Credit spreads for investment grade corporate debt actually bottomed on Thursday March 19th. Stocks didn’t bottom until Monday of the following week.
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