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But McCarthy's leverage is greatest as the “X-date” approaches at some point this summer and markets are biding their time.
On Friday, Treasury Secretary shifted the "X-date" when the U.S. would be unable to pay its bills from June 1 to June 5, giving lawmakers some breathing room to strike a deal.
The CBO’s projection for the so-called X-date will provide investors with a new focus for when the federal government will be at risk of a payments default.
Their optimism came as Treasury Secretary Janet Yellen told Congress that the United States The extended “X-date” gives the two sides a bit of extra time as they scramble for a deal.
The real “X-date” could be a week later, according to Alec Phillips, Goldman Sachs’ chief political economist.
Source: https://qz.com/biden-mccarthy-debt-ceiling-default-deadline-agreement-1850478484
Unigestion's head of investments, Olivier Marciot, said he was taking advantage of higher yields on longer maturity T-Bills likely to fall due after the "X-date" - when the government would exhaust its cash and borrowing capacity.
While the consequences of a debt default would likely be disastrous, the U.S. runs another risk the closer it gets to the X-date, as uncertainty over the government’s ability to pay its bills threaten to undermine confidence in the financial system.
Source: https://fortune.com/2023/05/13/debt-limit-standoff-us-economy-only-loser/