Affects are real, but do not not point to any substantial impairment in liquidity.
In its semi-annual Monetary Policy Report submitted to Congress on July 7, 2017, the Federal Reserve Board indicated that regulatory reforms since the global financial crisis "have likely altered financial institutions' incentives to provide liquidity.” The Fed found that In recent years, market participants have been particularly concerned with liquidity conditions in the corporate bond market. This concern stems from the tendency for bonds to be traded less frequently and more reliance on dealer intermediation for liquidity provision than in many other markets. Despite these concerns, however, the metrics available to the Fed do "not point to any substantial impairment in liquidity in major financial markets.”