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No, the Fed can’t save the junk bond market, Goldman warns
Exchange-traded funds offering exposure to junk bonds may lack the full Federal Reserve safety-net that investors are betting on, warn analysts at Goldman Sachs. The central bank announced in early April that it would buy ETFs that contained bonds with speculative, or “junk,” ratings in an effort to keep credit flowing through financial markets. An update Monday indicated that Fed purchases could start any day. Investors responded to the historic move by pouring into the biggest junk bond ETFs, SPDR Bloomberg Barclays High Yield Bond ETF JNK, +0.77% and iShares iBoxx $ High Yield Corporate Bond ETF HYG, +0.86%, ... (full story)
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