The Debt Ceiling Double Paradox

The paradox of a US debt ceiling deal is that it could be bad for markets and the economy. Not as bad as a US default, obviously, but bad nevertheless. A further paradox is that bad may be just what the doctor ordered for bubbly equities and an economy which, thanks to ongoing strength in the services sector, refuses to roll over consistent with the Fed's efforts to curb demand. The bear case for risk assets from a debt ceiling agreement is well-worn territory by now: A deluge of bill issuance

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