A note from PIMCO public policy analysts says this on the debt deilinb stad off:
“We think a deal – or a framework of a deal – is right around the corner – and likely in days, not weeks.
However, like all negotiations, there is a chance that we could see them die before they are revived, but regardless, we think the destination is clear. Congress will raise the debt ceiling – and likely through the presidential election – meaning that market will not likely have to contend with the debt ceiling until early 2025 (at the earliest, given emergency measures)”
“Days, not weeks” is encouraging.
Earlier:
US President Biden is heading off to Japan for the G7 summit in Hiroshima and cut out subsequent visits to PNG and Australia in favour an early return to Washington. So the ‘days not weeks’ might stretch over the weekend I guess.