Boyarchenko, Nina; Kovner, Anna; Shachar, Or - 2020 - Revised November 2020
We evaluate the impact of the Federal Reserve corporate credit facilities (PMCCF and SMCCF). A third of the positive … impact on investment grade bonds and in industries less affected by COVID, concluding that the improvement in corporate … credit markets can be attributed both to announcement effects of Federal Reserve interventions on the economy and to the …