​ "​Asset Backed Commercial Paper Market Has Stabilized" Says Bernanke. Federal Reserve Chairman Ben Bernanke, speaking before the Joint Economic Committee of Congress today, said "The asset-​backed commercial paper market has stabilized". He stated, "Concerns about mortgage-​backed securities and structured credit products (​even those unrelated to mortgages) also greatly reduced investor appetite for asset-​backed commercial paper, although that market has improved somewhat recently." Commercial paper and ABCP outstandings dropped by $​15.​6 billion and $​29.​5 billion, respectively, in the latest week ended Nov. 7, reports the Federal Reserve. Bloomberg'​s article on the weekly numbers quotes Morgan Stanley'​s Kevin Flanagan, "I don'​t think we'​re in the crisis of confidence scenario anymore, but there are still some uncertainties."

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