Stocks and Bond Markets Reacted to a Pandemic

High yield bond issuance for the year was 450 billion dollars, up 57 % from 20 19. Bond prices rose as bond yields fell in parallel. At year end, the average a rated bond yielded just one point five two %. And the average yield on high yed bonds excluding energy was just below four %. So we had a health emergency, an ailing economy, the most generous capital market of all time and strong stock and bond markets. The seemingly anomalous relationship between the pandemic and recession can be explained by the feds and the us. Treasury's aggressive actions, as suggested by the above catalogue of events.