> While most investors have been focused on the rapid decline in the stock market, which had its worst day since the crash of 1987 on Thursday, a different drama is going on behind the scenes on Wall Street — potentially with bigger implications for the economy.
The swift, global spread of the coronavirus has chipped away at one of the cornerstones of the financial system: the vast market for bonds, where companies and governments go to borrow money to fund operations. Wall Street banks, as well as sophisticated investors such as pension funds and hedge funds, trade these bonds, including …