Corporate Bonds Worse Than Equities

Even though equity markets are down nearly 7% today, the corporate bond market is even worse. Below we highlight a price chart of an ETF that tracks an index of investment grade corporate bonds (LQD). As shown, the ETF is down nearly 10% today! Wall Street can't say it didn't warn Main Street. At this point, every tick lower is on Congress until something happens, because there's no way to know what the markets would have done had they approved the deal.