This has been an incredible “economic reopening” rotation since the Fed began buying corporate debt vs. just announcing the intent to to buy it.  Remember, the Fed turned the panic on 03/23 by announcing the intent to buy Investment Grade Debt, and then issued a “game changer” by announcing the intent to buy various areas of High Yield and Municipal Debt – but they didn’t actually start buying until 05/12.  The rotation into those areas that benefit from an “economic reopening” rather than a “stay-at-home” environment we have been talking about from that point has been dramatic and you can see it in the sector performance:


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