U.S. Treasury prices were largely unchanged Wednesday as investors weighed the rising cost of the financial bailout with what appears to be a deep and prolonged economic recession.Credit markets, however, got an encouraging boost as lending rates fell to historic lows, restoring some confidence in the embattled debt market.
Treasurys initially fell, as investors welcomed the election of Democrat Barack Obama as the 44th U.S. president, and the expectation that tighter economic policies will be ushered in by the new administration.
"The victory was certainly a mandate, and that factored into bonds," said Cardillo. "There's no question we'll see new regulatory agencies develop, and financial regulations are going to get tougher."
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