Short US debt default could hammer markets: Fed (AFP)

WASHINGTON (AFP) ? The US Federal Reserve believes even a temporary default on US debt would send financial markets into a tailspin, according to minutes of a Fed policy meeting released Tuesday.

Participants in the central bank's June 21-22 policy-making meeting "emphasized that even a short delay in the payment of principal or interest on the Treasury Department's debt obligations would likely cause severe market disruptions and could also have a lasting effect on US borrowing costs," the minutes said.

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/afp/20110712/ts_alt_afp/useconomypoliticsdebtbank

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