“Sales of securitized debt have been surging since the Covid-19 pandemic, when the Fed lowered rates and investors were awash with cash and looking for investments, Flanagan said. “Everything is going to end up here,” he said.”
This is more of a symptom of excessive money supply. Too much money floating around, too few financial products, or any product for that matter, to buy, enticing them to create financial products. Last time, it was excessive savings in china, from their export surplus, looking to invest. I am sure FED knows it and hopefully their tightening will rein them in.