Treasury Secretary Janet Yellen has warned the country could run out of cash to pay bills by early June.
Jason Mountford, market trend analyst at Q.ai, told Insider in a note this week he doesn't foresee the US defaulting on its debt. Such an unprecedented event would"cause chaos on the markets," he said. Stocks"would sell off dramatically, and it wouldn't be beyond the realms of possibility to see the biggest one-day fall in history," he said. Meanwhile,"yields would skyrocket, as US debt would all of a sudden be perceived as much higher risk than it is currently." said with credit conditions tightening, the central bank's policy rate"may not need to rise as much as it would have otherwise to achieve our goals.
The prevailing Wall Street view is that the Fed will pause its rate-tightening efforts and cut rates at least twice during the second half of 2023, Sam Stovall, chief investment strategist at CFRA Research, told Insider. "However, as a result of still-sticky inflation, concern that the Fed is not quite done has been growing, as well as the possibility that the Fed won't start an easing cycle before 2024."Here's what else is happening today:
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Stock market news today: Dow jumps as debt ceiling talks progressDow surges 400 points as Biden and lawmakers inch closer to a debt ceiling deal
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