The Federal Reserve will take a step into uncharted territory today (May 12) as it begins purchases of exchange-traded funds (ETFs).

The move could initially see the Fed buy as much as $375 billion of corporate bond ETFs. Most of the purchases will consist of investment grade funds but some will be high-yield ETFs, the New York Fed says.

The purchasing facility, known as the Secondary Market Corporate Credit Facility, is the first of two tools created to ease the pressures in corporate funding

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