Congressional leaders probably never expected the market to react as bad as it did to their failed vote. Given yesterday’s stock market debacle, however, lawmakers are now back to the drawing board to draft a new bailout bill, much sooner than expected.
The market has responded positively to this news, with the TSX up 4.73% as we speak. Bonds have now retraced almost all of their move from yesterday. The 5-year yield is back up to 3.14%.
With today and tomorrow being a Jewish holiday, the earliest a new resolution could now be voted on is Wednesday night.
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Last modified: September 30, 2008
