Markets on Wednesday reflected two different realities. Equity markets behaved with what could almost be called calm; credit markets returned to the historic distress seen last week.

That is down to the conflict between Tara (the troubled assets relief act) and Warren (Buffett, the world’s most famous investor). Warren can move equity markets, but all the credit markets care about is the congressional drama of Tara – and whether it will give them the relief they want.