I can imagine secondary corp bond trading - the bloodline to refinance - is one-way street, but if new issuance pipeline is frozen, FED will emulate ECB/BoJ/BoE and will start a QE4 buying corp debt ar last.
CDX/ITRAXX starts to blow up
Lending facilities to HF also in question , hence huge unwinding of carry trades (e.g. borrow EUR, invest US stocks)... EURUSD isn’t roaring due to great Euroarea economy