Fed underscores run risk of corporate bond funds

US corporate bonds held by mutual funds have almost tripled over the decade to 2019 to $1.5 trillion, climbing to record levels over the same period in which the share of company debt rated at the lowest level of investment grade has deteriorated, Federal Reserve analysis shows. 

Underlying data from the central bank’s latest Financial Stability Report was not available at press time. But in September 2018, total AUM of investment-grade corporate bond mutual funds was $1.9 trillion, up from

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