The Federal Reserve Bank of New York said Monday that starting Tuesday one of its emergency market support facilities will begin buying corporate-bond exchange-traded funds, in a notable expansion of the central bank’s efforts to support the economy and financial system in the coronavirus crisis. The central bank’s Secondary Market Corporate Credit Facility will be the tool used to buy the ETFs, which the Fed said will be mainly investment grade corporate bonds, though some will be high-yield. BlackRock Inc. was hired to manage...

Source: Wall Street Journal May 12, 2020 01:46 UTC