Investment

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.

The prevailing feature of the recent turbulence is that nothing has really worked as it was supposed to work.

Investors should maintain caution instead of rushing back into risk.

Current market conditions are expected to hit some broker/dealers hard, according to Moody’s, with the ratings agency lowering its outlook on Advisor Group, Cetera and LPL. Raymond James remains stable.

The Fed’s efforts have restored calm in some areas, but risky credit remains vulnerable.