Yellen now estimates that debt limit won’t be hit until June 5

Treasury Secretary Janet Yellen has conjured a few extra days for US politicians to grandstand. She now says that extraordinary measures won’t be exhausted until at least June 5.

House Republican leader McCarthy has said his deadline is June 1 but you can never trust a politician.

In any case, a deal will get done and the US won’t default, the same as always. I think the market has already moved on.