DEBT CEILING: There’s One Thing In The Market That’s Making Lawmakers Nervous
Posted on June 29th, 2011
Still no movement on the debt ceiling talks, but we got this from one staffer on Capitol Hill:
I’d put the odds of the first week of August recess being canceled pretty high…80% or so. I very much doubt the House will come in before next Wednesday as scheduled as far as the July 4th recess. I think the CDS rate jumps are starting to make some lawmakers nervous, but to be honest not enough of them understand the instrument to really get what a 20% increase in 1 yr CDS rates mean, a good chunk of members still don’t believe Aug 2 is any kind of real deadline. Definitely still an uphill battle.
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Tags: Ceiling, Debt Ceiling
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