Jerome Powell on the Fed's corporate bond buying

It was out of an excess of caution to preserve these gains for market function by following through.  And I don't see us as wanting to run through the bond market like an elephant doing things and snuffing out price signals and things like that.  We just want to be there if things turn bad in the economy.

~ Jerome Powell, Semiannual Monetary Policy Testimony, June 16, 2020