Study Notes: Haddad, “When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed’s Response”

“When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed’s Response” contain 11 pages covering the following learning objectives:

* Describe the evolution of bond and CDS prices during March-April 2020.

* Compare the developments in debt markets during the Great Financial Crisis of 2008-2009 and during the COVID-19 crisis.

* Explain the effects of frictions and arbitrage limitations on price movements in debt markets during March-April 2020.

* Explain the Fed’s interventions in debt markets during March-April 2020 as well as the rationale for and effects of these interventions.

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