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Blue-chip companies in the United States sold $172 billion of bonds this month.

"If the moves look random, then it potentially creates a problematic appearance. As long as they can make a credible case that they are data-dependent, they are OK."

Remarkably strong demand for high-grade bonds brought spreads to the narrowest since November 2021 and resulted in $60.3 billion in volume.

February purchasing managers index showed growth for a second straight month—for the first time in over a year.

Minutes from late January show most FOMC members are more concerned about easing too soon than about damaging the economy through high rates.

The sale indicates investors want to buy bonds that fund acquisitions, a form of debt they largely avoided last year.