The cost to insure bonds of Goldman Sachs , Morgan Stanley and Citigroup against default hit two-year highs on Monday on growing fears the U.S. Federal Reserve's aggressive moves to tame inflation might tip the economy into recession.
against default hit two-year highs on Monday on growing fears the U.S. Federal Reserve's aggressive moves to tame inflation might tip the economy into recession.
CDS is a contractual agreement that lets buyers swap credit risk with sellers and thus insures bondholders against default. "Any short-term spike in CDS on U.S. banks is likely related to fears over a Russian default," said Thomas J. Hayes, chairman at Great Hill Capital in New York.
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