New York Fed’s Corporate Bond Market Distress Index drops to lowest level since before the Fed started tightening.

The New York Fed’s update today of its weekly Corporate Bond Market Distress Index shows just how much liquidity there is still sloshing around from years of mega-QE, and how yield-chasing has resurged this year, despite the Fed’s hiking its policy rates to the highest levels in 22 years and despite the biggest QT ever.