Financial Briefs

Breaking financial news from Wall Street to Main Street

T-bill demand still high over bailout uncertainty

Posted by financialbriefs on September 23, 2008

The credit markets were tense and investors stuck to the safety of Treasurys Tuesday as Wall Street waited for Washington to solidify its bank bailout plans.

Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson testified before Congress, urging them to quickly pass the $700 billion financial bailout that they orchestrated over the weekend.

“All investors, especially the professional ones, are jittery about the issue of congressional passage,” said Kevin Giddis, managing director of fixed income at Morgan Keegan. “The market’s tenuous; it’s very fragile right now. If they get wind that this is becoming a political event, we will see a complete disruption again.”

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