March 3, 2020 / 3:45 PM / a month ago

Prices of U.S. corporate bond ETFs hit session highs after Fed

NEW YORK, March 3 (Reuters) - The price of major U.S. corporate bond exchange-traded funds hit session highs on Tuesday after the Federal Reserve announced it would cut interest rates by 50 basis points to combat the economic effects of the coronavirus outbreak.

In the investment-grade space, the trade price of the iShares iBoxx Investment Grade Corporate Bond ETF hit an all-time high of $132.97, while the PIMCO Investment Grade Corporate Bond ETF of $113.36.

In high yield, the trade price of the iShares iBoxx High Yield Corporate Bond ETF and the SPDR Bloomberg Barclays High Yield Bond ETF both hit session highs immediately following the announcement before returning some of those gains.

Reporting by Kate Duguid, Editing by Franklin Paul

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