Cost of insuring against default on U.S. government debt reaches record high

The cost of insuring U.S. government debt against a default soared to its highest level ever on Wednesday amid a continued impasse on the U.S. debt ceiling in Washington.The spread on one-year U.S. credit-default swaps widened to a record high of 175 basis points from 163 basis points on Tuesday, based on data from S&P Global Market Intelligence. Moreover, the one-year U.S.

The moves come a day after House Speaker Kevin McCarthy said he saw no “new movement” toward ending the standoff on the debt ceiling. “Markets are operating under the belief that any payments not made on time by the U.S. government will still be made eventually,” said Will Compernolle, a macro strategist at FHN Financial in New York.

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