WASHINGTON -- Despite continuing challenges in the housing market, the overall picture of U.S. financial markets has steadily improved over the past couple of months, Treasury Secretary Henry Paulson said Friday.
Mr. Paulson, in a rather upbeat speech that seemed to suggest the worst of the credit crisis is over, said market liquidity and investor confidence are improving in several sectors, such as corporate bonds, leverage loans and high-yield debt.
At the same time, capital and credit markets are stabilizing, leaving markets "considerably calmer now" than they were in March, said Mr. Paulson.
"In my judgment, we are closer to the end of the market turmoil than the beginning," he said in the text of a speech he plans to deliver in Washington. "Looking forward, I expect that financial markets will be driven less by the recent turmoil and more by broader economic conditions and, specifically, by the recovery of the housing sector."
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