U.S. Credit Swaps Hold; Fed Says Economic Growth at Modest Pace

A gauge of U.S. corporate credit risk held at about a five-month low after the Federal Reserve said the economy was growing at a modest to moderate pace across most of the country.

The Markit CDX North American Investment Grade Index, a credit-default swaps benchmark that investors use to hedge against losses or to speculate on creditworthiness, added 0.3 basis point to a mid-price of 83.7 basis points as of 3:41 p.m. in New York, according to prices compiled by Bloomberg. Yesterday, the measure closed at 83.3, the least since Sept. 14.