The Federal Reserve bought bonds issued by companies includingAT&T Inc., UnitedHealth Group Inc., and Walmart Inc. as part ofits emergency lending program set up in response tothe Covid-19 pandemic, according to newdisclosures.
On June 16, the U.S. central bank began purchasing securities ofindividual issuers as part of a broad index it created to includecompanies that were eligible for the program.
The disclosures, postedSunday, showed that of the $207 million of purchases made on thefirst day of buying, about 21 percent were of debt issued by firmsin the consumer non-cyclical sector, while 15 percent were ofconsumer cyclical debt and 10 percent were of technology debt.Issues rated below investment grade comprised 3.6 percent of thesecurities acquired.
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