Powell Promises Spark Biggest Junk Bond Price-Spike In Over A Decade HYG - the largest high yield bond ETF - is up a stunning 8% this morning after The Fed surprised the market with its new "we'll buy any old crap" policy. This is the biggest daily jump since Oct 2008... The broad credit market is seeing massive spread compression... As we noted earlier, there are no more free markets... NONE! Aset gatherers are happy, of course - The Fed's announcement is a "significant relief," says Principal’s Shah. Tyler Durden Thu, 04/09/2020 - 10:01