A few days ago, the Federal Reserve announced that it would buy a “broad portfolio” of corporate bonds to go along with its ETF purchases. Because of the Fed’s actions, corporations will be able to borrow at lower rates. What could be wrong with that? First, let me say that complaining about the Fed is its own genre of financial commentary. I usually don’t engage in it because it’s not conducive to making money. Still, there is something about the corporate bond purchases that is a bridge too far. Let’s think about what a Fed-free world would look like. Interest rates would be higher! Some corporations wouldn’t be ... (full story)