The Federal Reserve (Fed) has been incredibly active in many different sectors of the fixed-income markets since the pandemic shut down parts of the US economy in early 2020, including restaurants, bars, concerts, sports events, business travel and tourism. Between February 26 and June 10, 2020, the Fed expanded its balance sheet by $3 trillion to $7 trillion. Since June 10, however, the Fed has hit the pause button on the expansion of its balance sheet, taking time to evaluate what has worked well and what has not, and to adjust activities accordingly. {image}(1) Fed purchases of short-term Treasury Bills of less ... (full story)