Thornburg Investment Management Portfolio Manager Lon Erickson in MarketWatch

No. The pandemic isn’t over. That’s one big reason debt markets are following the downward spiral in stocks

“I’d be more concerned if the market wasn’t repricing,” says one credit investor.

The Federal Reserve’s more than $2 trillion arsenal of funding to keep credit flowing during the coronavirus pandemic can’t fix everything.
The Fed doesn’t have a magic wand to stop COVID-19, nor the ability to make earnings appear on corporate balance sheets. Those realities, brought to the fore by a spike in coronavirus cases in several U.S. states this week and a grim U.S. economic outlook provided Wednesday by Fed Chairman Jerome Powell, hit markets Thursday like a ton of bricks.
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