Quick US Market Post The April developments in High Yield provide an early illustration of the "benefit-cost-risk" equation of the Federal Reserve's exceptional intervention: Benefit: It calmed markets, opening it to $37 bn of new issuance. Cost: Vulnerable companies piled on more debt. Risk: Possible default exposure (balance sheet and reputational) for the Fed. #markets #bonds #interestrates #investing #economy #federalreserve #debt #highyield #riskmanagement #risk #fed #fixedincome #yields …see more