Excluding the extraordinary events of mid-2020 caused by the onset of COVID-19, net issues of corporate debt from the United States by nonfinancial sources contracted during the first quarter of 2022.
Excluding a brief period of contracting issuances soon after the start of COVID-19, the latest contraction ends a 12-year period of continuously expanding net issuances.
Since at least 1980, no other period of time comes close to the kind of sustained period of consecutive quarters of expanding net issuances.
The consequences of this change in events at the present time are uncertain. A brief period of contracting issuance could be a result of any number of temporary and recent events.
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