US stocks climbed Friday, but were on track for a weekly decline as investors continue to take in the ongoing debt-ceiling stalemate. Reports said that a planned Friday meeting between lawmakers and President Joe Biden has been delayed until next week.
With a looming potential US default and more regional bank weakness surfacing, recession fears are mounting. Treasury Secretary Janet Yellen said the so-called X-date, when the US could default on its debt, could arrive as soon as June 1. Meanwhile, Federal Reserve Governor Michelle Bowman said Friday that still-high inflation could justify another interest rate hike, which would heighten the risk of a downturn. Her comments followed weaker-than-expected wholesale prices data, which pointed to easing inflation.
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