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U.S. markets recover from steep losses
NEW YORK, Oct. 15 (UPI) -- Credit markets showed signs of thawing after a series of U.S. and European government bailouts began to have an impact on financial systems, data show.
The London Interbank Offered Rate for three-month loans based in U.S. currency fell to 4.64 percent Tuesday in the biggest drop since March 17, USA Today reported Wednesday.
The rush to the safe haven of U.S. Treasury securities appears to have cooled down with yield rising from 0.21 percent to 0.3 percent Friday, the newspaper said. And the commercial paper market, critical for businesses to cover expenses, found investors willing to buy at more reasonable rates compared with a week ago, Kevin Giddis of Morgan Keegan said.
Not all companies are out of the woods. With the economy slowing, the ability of companies to repay debt is increasingly at risk.
Standard & Poor's is expected to raise its corporate default rate for next year above its current estimate of 4.9 percent, the newspaper said.
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