Did congress authorize this? The Fed says its programs only lend to investment grade companies, but by buying high yield bond ETFs like $HYG they indirectly buy very junk and even bankrupt names

https://twitter.com/apark_/status/1261054164076986369

In today's Fed release they started reporting on the "Corporate Credit Facility LLC" vehicle they created to "support credit to employers."

How do they plan to do that?

By buying up corporate bonds on the primary/secondary market, including ETFs.

Did congress authorize this? pic.twitter.com/8jqjwOXIyu

— Charlie Bilello (@charliebilello) May 14, 2020

Who knew QE wouldn't work right from the beginning?

The JGB market. Yields never blew out, no BOND ROUT!!! because there wasn't a chance for inflation and recovery.

The full history of modern QE is total failure reflected in lower and lower yields. https://t.co/Ovi5hcslG4

— Jeffrey P. Snider (@JeffSnider_EDU) May 14, 2020