Funds that invest primarily in corporate bonds saw record outflows in March 2020. These open-end funds held about one-sixth of all outstanding U.S. corporate bonds prior to the crisis. Bond mutual funds, including those specializing in corporate and municipal bonds, had an unprecedented $ billion in outflows last March, far larger than their outflows at any time during the 2007–09 financial crisis.
But this last point should not be overstated. The paramount goal of monetary policy in Canada has been, and remains, price stability. The primary tools to deal with financial stability are micro- and macroprudential regulation and supervision.