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NY Fed Corporate Bond Market Distress Index (CMDI)


NY Fed notes increased strain for investment grade corporate bonds vs. high-yield, spd between the two just over Jan 2019 prior high of 0.16 at 0.17 (May 2005 wide).

  • Corporate bond market functioning appears healthy, with the overall market-level CMDI below its historical 65th percentile.
  • Market functioning continues to be somewhat more strained in the investment-grade segment of the market but investment-grade market functioning improved over the course of the month.

NY Federal Reserve/MNI

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