On Waiting with 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 “restrain”). Today it is also used somewhat ironically, indicating one is not all that eager or anxious.

What does I wait with baited breath mean?

: in a nervous and excited state anticipating what will happen They waited for the answer on their application with bated breath.

Is it waiting with baited breath or bated breath?

A The correct spelling is actually bated breath but it's so common these days to see it written as baited breath that there's every chance that it will soon become the usual form, to the disgust of conservative speakers and the confusion of dictionary writers.