Um, yeah no kidding they haven't bought corporate debt, they said they would by corporate debt if needed. J-Pow doing what he does best, talking a mean game.

"The Fed’s announcement earlier this month that it would take the unprecedented step of buying not only corporate debt but also that of companies recently downgraded to speculative has not actually been put into action yet. But it did provide investors the assurance that the central bank would be there if the market faltered.

“The biggest issue is really the Fed’s action,” said Rob Peters, director at Intelligize. “They’re trying to take some of the unknowns that the market hates and mitigate them somewhat by providing this backstop, allowing corporations to at least sustain operations until something gets resolved.”