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‘You Can Feel It Turning’: Stock Melt-Up Takes A Toll
Increasingly, funds are concerned they might miss the proverbial boat, and one bank's client convers
When gaming out the debt-ceiling “crisis,” the two outcomes I think I erroneously under-weighted were a negotiated agreement (the sides just seem(ed?) too far apart), and a can-kick. I think a lot of the happy noises coming out of both the White House and Kevin McCarthy are setting up a can-kick at a minimum. “We’re close but we’re out of time! Let’s raise the debt ceiling enough to get through July.”
According to the Speaker’s office, the vote timeline will require 4 days in the House and 7 days in the Senate. With votes not starting until next week, that leaves zero days of slack, so a stop-gap patch seems likely.