The discussion comes after a tumultuous weekend that saw no resolution to the crisis, with roughly 10 days until a potential default.
“We do expect investors’ concerns to mount as the X-date approaches, particularly if there’s no solution and the sides look wide apart,” said Jonathan Pingle, the managing director and chief U.S. economist at UBS. “As we approach, we basically see equity markets are increasingly likely to sell off, volatility indexes move higher, and there are going to be shifts and concerns in financial markets that aren’t going to be great to live through.
Republicans rejected that idea, insisting that domestic spending must be significantly reduced from current levels so overall spending goes down in the upcoming fiscal year even as military spending goes up.
“My sense is that if we get toward the end of the coming week and the rhetoric is dark, we’ll see a lot more red on the screen,” said Mark Zandi, chief economist at Moody’s Analytics and a veteran observer of the debt ceiling battles. For the moment, Zandi said,Already, some traders have signaled their apprehensions by abandoning some Treasury bills that mature in June, around the time the government could default.
Some investors also do not believe that Biden can circumvent Congress. They bristled at the president’s comments Sunday about
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