Liberty Street Economics: How Is the Corporate Bond Market Responding to Financial Market Turmoil?

F E D E R A L   R E S E R V E   B A N K   o f   N E W  Y O R K LIBERTY STREET ECONOMICS   How Is the Corporate Bond Market Responding to Financial Market Turmoil? Nina Boyarchenko, Richard Crump, Anna Kovner, and Or Shachar The Russian invasion of Ukraine increased uncertainty around the world. Although U.S. companies have limited direct exposure to Ukrainian and Russian trading partners, increased global uncertainty may still have an indirect effect on funding conditions through tightening financial conditions. The authors examine how conditions in the U.S. corporate bond market have evolved since the start of the year through the lens of the U.S. Corporate Bond Market Distress Index (CMDI).   READ MORE

 

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