The Marriner S. Eccles Federal Reserve building in Washington, D.C., on August 23, 2022. Photographer: Graeme Sloan/Bloomberg.
The surge of borrowing in the U.S. corporate debt market, on the surface, looks odd. Despite all the excitement about the Federal Reserve's long-awaited pivot toward easing monetary policy, it hasn't done so yet. In fact, its benchmark interest rate is still pinned at a more-than-two-decade high. But up and down corporate America, at blue-chip businesses and those heavily burdened by debts, executives are turning to Wall Street to borrow cash at a blistering pace.
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