Board of Governors of the Federal Reserve System

bonds outperform safer corporate bonds, demonstrating the importance of...bonds are expected to underperform compared to safer bonds in response

bonds. Specifically, we estimate the following model: $$$$ R_{i,t+1} –...bonds over an index of 10-year Treasury bonds, captures credit risk conditions

bonds since late March. State and local governments and other municipal...bonds, including long maturity bonds, with interest rates that are at

bonds since late March. State and local governments and other municipal...bonds, including long maturity bonds, with interest rates that are at

bonds held by mutual funds have more than tripled over the past decade...bonds, and bank loan funds purchase about one-fifth of newly originated

Bonds and commercial paper 6,240 1.4 5.7 Bank lending 1,520 11.4 3.3 Leveraged...bonds has deteriorated. The share of bonds rated at the lowest investment-grade

bonds used in the model. The EBP is estimated using secondary market prices...bonds issued by a large representative sample of U.S. non-financial firms

bonds outstanding--as evidence of reduced liquidity. Figure 2 shows that...bonds and about 2 percent for speculative-grade bonds. This measure of

Bonds Constant maturities 9 16 1-year 1.89 3.62 4.94 5.01 5.01 4.94 5.06...Bonds Moody's series 10 23 Aaa 4.50 4.28 4.15 3.91 3.81 3.76 3.89 3.82

bonds; liability FA893163005 -- -- -- -- -- -- -- -- -- 6 All sectors;...bonds; liability FA663163003 -- -- -- -- -- -- -- -- -- 21 Holding companies