Unwilling to accept the government’s offer on exchanging debt for a small slice of equity, GM bondholders look content to take their chances in bankruptcy court, probably next week.
This is not a surprise to the market. Stocks maintain their gains, up 2.1% at writing.
Just crossing the wires are comments from an economist at the San Francisco Fed who says the Fed funds rate could stay near zero for several years based on current forecasts. Not a plus for the dollar, either of these headlines…EUR/USD trades at 1.3987.
