ETFs

Commodity demand reflected in futures—and ETF—prices.

The Fed’s pledge last week to buy investment-grade credit and certain ETFs helped halt the slide in mutual fund net-asset values and sparked a rally in higher-rated debt.

Exchange-traded funds that tend to be dominated by longer-term, buy-and-hold investors are starting to see money drain out.

Beginning with an emergency interest-rate cut announced March 3, the Fed has run through its 2008-09 crisis playbook and leapt into uncharted territory.

ETFs that stand to benefit from Fed buying are now rallying.

The inevitable downgrades from triple-B to double-B will put money managers to the test.