Fraught negotiations in Washington have yielded a deal on raising the U.S.’s borrowing capacity without sending the stock market into a tailspin, as some on Wall Street had feared they might, but there are more risks ahead.
So far, this shift hasn’t had much of an impact on the highflying technology stocks that have driven much of this year’s gains in U.S. stock indexes. Some on Wall Street think this could change as the Fed appears set to keep interest rates elevated until the recession that markets have been expecting has actually arrived.
Defying worries about the U.S. debt-ceiling and talk of de-dollarization, the currency has started to claw its way back up. On Wednesday, the ICE U.S. Dollar Index DXY , a gauge of the greenback’s strength against major currenciess, climbed to 104.63, its highest level since March 16, according to FactSet data.
Stubborn inflation remains a problem When the Fed delivered its 10th consecutive interest-rate hike in May, raising its policy rate by 25 basis points, Chairman Jerome Powell suggested that it might be the last one of the cycle. Stubborn inflation has been cited by many analysts on Wall Street as a potentially intractable problem for markets.
Market leaders could throw in the towel From Silicon Valley to Wall Street, economists, venture capitalists and old-fashioned stock pickers have been buzzing about the artificial intelligence revolution, and its potential for boosting productivity and, by extension, corporate profits and economic growth.
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