US equities traded in a tight range yesterday, with neither the S&P 500 nor NASDAQ making meaningful progress in either direction. Chinese stocks had a better day. The CSI 300 moved up 0.63% while the Hang Seng rose 1.17%. Markets may be unwilling to take big bets ahead of any potential debt ceiling agreement. It doesn’t sound as if much progress was made yesterday as talks resumed. Fed hawks helped keep pressure on US Treasury yields. James Bullard (non-voter) and Neel Kashkari (voter) variously noted that rates might have to be raised more, or that a pause at the June meeting need not signal that rates had ... (full story)