by Wolf Richter
But seeing the frenzy, the Fed has stepped away.
For the US junk bond market, August was the month of superlatives and records. Companies issued a total of $52.9 billion in high-yield bonds, by far the most ever for any August, which is normally a slow month, and the second highest amount for any month, behind only June, which had set the all-time record at $59.9 billion, according to S&P Global. August issuance was five times the volume of August last year, when there were already worries about the economy, a possible recession, the corporate debt overhang, and a trade war between the US and China: