The Fed's Attempt to Reduce Moral Hazard in the Bond Market

The bond market itself was dysfunctional. Large parts of the bond market weren't trading at all. LQD on that day traded 90,000 times. And so it became the place in which price discovery actionable markets was happening in the bond market. We have over 18 different central banks that use our bond ETFs because they found is that it's just a better way to access the Bond market.