Liberty Street Economics: How Is the Corporate Bond Market Functioning as Interest Rates Increase?

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 Functioning as Interest Rates Increase?    Nina Boyarchenko, Richard Crump, Anna Kovner, Or Shachar    The FOMC has increased the target interest rate by 3.75 percentage points since March 17, 2022. The authors examine how corporate bond market functioning has evolved along with the changes in monetary policy through the lens of the U.S. Corporate Bond Market Distress Index (CMDI). Although the overall CMDI has deteriorated it remains close to historical medians.    READ MORE

 

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