Business
• The U.S. Federal Reserve (Fed) sprang into action soon after the COVID-19 pandemic hit to protect investors from volatile bond and stock markets. • The Fed made use of $75 billion in credit facilities as a funding backstop for corporate debt issuers, increased purchases of treasury securities and lowered short-term interest rates to near zero. • As a result of better valuations, we were able to extend the average maturities of corporate bonds in client portfolios. • At this time, we are not purchasing any additional longer-dated Treasury securities in our portfolios.