On: Fed to buy junk bonds, lend to states in fresh vir...

[cs702]

They're suddenly rated junk because they have become junk -- i.e., no longer as creditworthy.

Otherwise I agree: this is urgently necessary.

[whatok → cs702]

Right, but there's a massive difference between the broader high yield universe that would definitely see some credit losses pre-Corona vs recently downgraded companies that would likely be okay without this. These facilities were created to triage, not resuscitate.