in nearly two years during March. The job market has been one of the main pillars supporting a slowing economy, and a drop-off there would likely mean a recession.
Much of the financial system is built on the assumption that U.S. government debt is the safest investment available. The hope is that Congress will strike a deal before the deadline, as it has many times before, because the alternative would be so dire. “There could be a few debt ceiling deadlines prior to the 2024 elections,” UBS strategists led by Michael Cloherty wrote in a report.