United States lawmakers will vote on the biggest government bailout in American history on Monday. This link has the gist of the plan, which is designed to keep credit flowing by sheltering U.S. financial institutions from bad mortgages.
We’ll watch closely to see how the treasury markets react to tomorrow’s vote. Uncertainty surrounding the bailout has helped drive both short and long-term yields higher lately, and that’s had a very negative effect on Canadian mortgage rates.
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