Sept. 23 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke warned lawmakers that failure to pass a rescue plan to take over troubled assets from financial firms would pose a threat to markets and the economy.
``Action by the Congress is urgently required to stabilize the situation and avert what could otherwise be very serious consequences for our financial markets and for our economy,'' Bernanke said in testimony prepared for delivery today to the Senate Banking Committee. ``Global financial markets remain under extraordinary stress.''
These comments sent a chill and bonds higher. Oil is definitely stalling at the 109 level. NQ is green, bucking the trend. ES low is 1206.50, still holding Friday' gap support.
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