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US Debt Ceiling & June Pause in Play

All eyes are on Washington as the US debt ceiling deadlock inspires less confidence in the dollar

May 21

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A confluence of variables, which can be categorized into three categories, has pushed bond prices lower and global equities higher.

Let's start with the flow.

Borrowers have flocked to primary markets after a week of relative quiet, driving up demand and rates in certain regions near saturation.

Second, there has been a shift in attitude towards some tail risks, most notably regional banks in the United States and the debt ceiling.

Third, the market has yet to see signs of an economic slowdown that would support the rate reduction valued by yield curves, particularly in the US.

"We're still in the period after a lot of monetary tightening has been implemented, but before it actually bites," said Padhraic Garvey, regional gead of research for Americas at ING.

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