April was as historic as March with the S&P 500 (SPX) up 12% following the epic crash in March. The action came despite horrific economic and EPS news, showing how powerful a relief rally following a crash can be – especially when the Fed gets behind risk assets. The Federal Reserve has made it crystal clear since April 9 that it plans to keep the credit markets flowing no matter what. That backstop has worked in ramping the market appetite for corporate credit as April new corporate bond issuance hit a monthly record at $335 billion, which included an incredible $41 billion on April 29 alone.

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