Like many of my comrades here, I'm watching the coming weeks with baited breath, as I have my cheque book armed and ready for one last feed at the trough when the SP breaks through $1.00.
Correct version:
Like many of my comrades here, I'm watching the coming weeks with bated breath, as I have my cheque book armed and ready for one last feed at the trough when the SP breaks through $1.00.
Explanation
Bated breath: Eagerly or anxiously, as in We waited for the announcement of the winner with bated breath. This expression literally means “holding one's breath” (bate means in this context restrain).
Handy Hint
Try to picture what “baited breath” would actually taste like. It doesn’t make sense to wait with breath infused with dog bait! So use its rarer but correct “sound-alike” cousin, “bated”.
Warning
The expression “bated breath” is called a cliche, which is a worn-out expression.
You can tell when an expression has degenerated into worn-out cliche status when the listener or reader knows exactly which word or words are coming after hearing your first few words.
For instance, if I said, “I waited with bated...” of course you would know the next word would be “breath”!
