Insurance-like protection on Treasurys are unchanged at 37 basis points following a warning from Moody's that it may cut America's AAA rating if Congress fails to reach a budget deal. "Their indication that they would maintain a negative outlook until it became clearer what the time horizon would be for a decision in 2013 is mildly credit positive," says Otis Casey at Markit. "It gives policymakers a bit more time to negotiate than maybe some had previously expected."
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