Yep

Nothing Is Certain But Bailouts: How Stimulus Works in a Vacuum

"Backstops in the bond market have reignited debates about moral hazard -- the idea that policy makers are encouraging risky behavior by shielding investors from losses they deserve to take. It was a frequent criticism lobbed at the Fed during the last financial crisis, when the central bank unleashed quantitative easing for the first time."

“From a price discovery and market functioning perspective, we will come out with more zombie firms that should have died in this shock,” said Ed Al-Hussainy, a senior strategist at Columbia Threadneedle. “And finally from an investor perspective, active managers who would have been taken to the woodshed will remain in business.”

“No one wants to make the case that the Fed should not be bailing us out of a pandemic,” said Peter Cecchini, Cantor’s chief market strategist. “The downside is those policies never end. Risk no longer prices, and we no longer have a capitalist democracy left.”