The knock-on effect of such largess is that corporate bond spreads have had a seemingly unending streak of achieving record lows. Support for credit markets in times of strife is one thing. But driving outsized performance isn’t just storing up trouble for an individual company or investor for the future, it’s a reckless refusal to allow financial discipline to inform the decision making of actors in the financial system…..The securities now comprise about 20 percent of monthly purchases, up from 7 percent at the start of the program in mid-2016. The total amount could top 200 billion euros ($244 billion) before quantitative easing ends.
