Data: Chart: Axios Visuals

The Fed has not yet begun buying corporate bonds through its announced special facilities, but just by announcing plans to take action has sparked rallies in bonds across the spectrum and improved market functioning.

Yes, but: "The Fed’s aggressive actions have benefited the markets in the short term. Longer term, however, we think there will be downgrades, defaults, and bankruptcies, particularly among companies that came into the downturn with high leverage," warns Ruta Ziverte, head of fixed income for William Blair.

  • With corporate debt markets again functioning smoothly, she expects to see a significant increase in bond issuance "as companies see their earnings decrease and sell more debt to raise funds," she says in a blog post.
  • "We expect this to result in more downgrades ... across the full ratings spectrum."

What's happening: More than $120 billion of investment-grade bonds have been downgraded to junk status this year, and approximately $300 billion of the lowest-rated investment-grade bonds are on watch for downgrades or have negative outlooks, Ziverte notes.

  • "We estimate that as much as $200 billion of debt (about 3.7% of the investment-grade market) could be downgraded over the next 12 to 18 months."

Go deeper: Fed commits to "whatever it takes" to help economy vs. coronavirus

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Updated 46 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

France reported more than 2,500 new COVID-19 cases in 24 hours — the largest single-day number since May. French officials said the situation was "clearly worsening," per France 24.

By the numbers: Over 745,600 people have died of the novel coronavirus globally and over 20.4 million have tested positive, per Johns Hopkins. Almost 12.7 million have recovered from the virus.

Biden campaign raises $26 million in 24 hours after announcing Harris as running mate

Joe Biden and Kamala Harris. Photo: Olivier Douliery/AFP via Getty Images

Joe Biden's campaign announced on Wednesday that it raised $26 million in the 24 hours after revealing Sen. Kamala Harris as his vice presidential pick.

Why it matters: The cash influx signals that Harris has helped the Democratic presidential campaign pick up steam. Nearly 150,000 contributors were first-time donors, according to the campaign statement.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 20,456,016 — Total deaths: 745,600— Total recoveries: 12,663,206Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 5,190,948 — Total deaths: 165,883 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. Politics: Pelosi says Mnuchin told her White House is "not budging" on stimulus position.
  4. Business: U.S. already feeling effects of ending unemployment benefits.
  5. Public health: America's two-sided COVID-19 response America is flying blind on its coronavirus response.
  6. Education: New Jersey governor allows schools to reopenGallup: America's confidence in public school system jumps to highest level since 2004.