According to an index published by ICE, the positive expectations of businesses towards the Trump administration and Thursday's Fed rate cut have pushed the spread of investment-grade corporate bonds to 78 basis points. The lowest level since 1998. This indicates that the market believes the credit risk of high-quality corporate debtors is very low. Yuri Seliger, a credit strategist at Bank of America, stated: "Fed Chairman Powell emphasized that the Fed is steadily lowering interest rates to a neutral level". This attitude further reduces the market's perception of risk.