The Fed’s efforts have restored calm in some areas, but risky credit remains vulnerable.

Beginning with an emergency interest-rate cut announced March 3, the Fed has run through its 2008-09 crisis playbook and leapt into uncharted territory.

It’s not all bad news.

Last week, fund companies began liquidating about 75 so-called tender-option bond trusts holding $1.2 billion worth of state and local government debt

ETFs that stand to benefit from Fed buying are now rallying.

The inevitable downgrades from triple-B to double-B will put money managers to the test.

Instant price discovery and liquidity have come at the expense of unprecedented losses.

Unprecedented mutual-fund outflows will exacerbate the stampede out of corporate and municipal debt already set in motion by the coronavirus outbreak.

Regular and predictable issuance might not matter as much during a pandemic response.

If the market is right about future inflation, Treasuries now look like a relative bargain.