If the Fed Saved the Day, Why is There a Fear of ‘Zombies’?

It might be the most successful central bank intervention in history: Without doing much more than issuing a press release, the U.S. Federal Reserve turned a pandemic-driven credit crisis into a record-breaking flood of lending. So why are so many investors worried? Some fear that the Fed has merely traded a liquidity crisis now for a solvency crisis later. Others think that the new debt boom, layered on top of a decade of hefty Fed-fueled borrowing, will produce so-called zombies — firms survi