Wednesday was a day of borrowing news out of the government that brought some relief to those in need of financing. The Federal Reserve is holding steady the benchmark federal funds rate (at 5.25%-5.50% range) and the Treasury, while still increasing the number of bonds it plans to sell to deal with the national debt.

The combination of news means somewhat less direct and indirect pressure on interest rates. Both the federal funds rate and Treasury yields can affect financing rates. The former directly moves pushing rates upward or downward as the rates that banks face in their overnight lending are reflected in what banks and others later charge. The latter is important because Treasury yields are a basic metric for calculating risk-adjusted returns. The more Treasury yields rise, the more investors demand for a return and the higher interest must grow to accommodate them.