The swift hit to the economy from the coronavirus has created a credit crunch that threatens to turn a downturn into a financial crisis.
The Fed announcement and Mnuchin's comments helped send stocks higher. The Dow was up nearly 3% Tuesday after losing more than 12% Monday, in its worst trading day since 1987. The i, HYG, a proxy for the junk bond market, turned higher after the Fed announcement and signaled some easing in high-yield.
John Briggs, head of strategy at NatWest Markets, said there was some easing in commercial paper but credit markets were still "gummy." Pepsi and ExxonMobil were also looking to issue debt. "It's a crack opening. Hopefully others can follow," said Boockvar.
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