Q3 marked the recognition of the US recession driven by the COVID pandemic.
The virus has dramatically impacted consumer behavior as shown with a 31.4% contraction of the GDP.
The Fed continues to support the market keeping interest rates low.
The fed is leaving the fed funds rate at the zero bound and targeting 2% inflation before hiking rates.
Low rates mean that corporations are issuing debt further out on the curve.
2020’s record debt issuance continued in Q3, even with major reductions in the commercial paper supply outstanding.