Debt Ceiling: What If?

Although it's far too early for equity benchmarks to care about "trivial" matters like a technical US default later this year, those inclined to hand-wringing have variously suggested this time might be different when it comes to the debt ceiling. In polite company, you're supposed to employ euphemisms in this discussion. You might say, for example, that internecine partisan politics materially raise the odds of an accident that could have serious, if short-lived, consequences for markets and t

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