House and Presidency Agree Solution to Debt Ceiling Crisis; US Equities Slightly Higher After Friday Advance
An agreement to resolve the US debt ceiling crisis was reached a few hours ago between the Presidency and the House of Congress, raising hopes of giving impetus to a risk-on rally in the market.Markets are dominated by news that the US Presidency and the House of Congress agreed a deal yesterday which will finally put an end to the debt ceiling crisis.
The agreement stipulates both cuts in spending and a raising of the debt limit, and makes it clear the US will not default on 5, after some stock markets made very strong gains at the end of last week, notably price. Attention will now likely turn to the next Fed meeting due in June. Action has been dominated so far today by weakness in the Swiss Franc and strength in the Australian Dollar – both make sense in terms of a risk-on rally.
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