After Treasury Secretary Yellen spoke of “ an unprecedented economic and financial storm ” if the US hits its debt ceiling, we might be close to a deal. President Biden cancelled trips to Australia and Papua New Guinea to shore up the Quad and sign a key defense pact after the G7 in Japan this week in order to fly back to D.C. to negotiate. Yet close is still not time for a cigar . Not when the White House says it’s optimistic on a deal by week end but McCarthy says he isn’t; and not when we are talking about the four horsemen of the financial apocalypse.
Relatedly, the Fed’s Barkin just said he isn’t convinced inflation is defeated and would be “comfortable” with more hikes; Mester thinks rates aren’t sufficiently restrictive; Logan added a slower pace doesn’t reflect […]
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