Marketmind: Get Ready for the Debt Ceiling Rally
U.S. President Biden delivers remarks on debt ceiling talks and “preventing a first-ever government default” at the White House in Washington.
U.S. President Biden delivers remarks on debt ceiling talks and “preventing a first-ever government default” at the White House in Washington. The main question now is the details of such an unusually quick consensus for so many cross-party discrepancies.
Investors keyed in on an agreement between President Joe Biden and top congressional Republican Kevin McCarthy to negotiate a deal directly, with Biden cutting short an Asia trip to return to talks on Sunday.
Analysts highlighted how both parties agreed to new, smaller teams to continue negotiations, which they took as a sign that discussions have moved to a more advanced stage.
So still work to do, and still room for twists in this tale before the Treasury runs out of cash as soon as June 1, which would trigger a disastrous, first-ever default. May is traditionally a month for selling, but the U.S. default timeline is delaying the start of traders' summer vacations, so several analysts still predict a correction is coming, but maybe not until June.
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