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Markets Today – Tug of War
Debt ceiling negotiations grind on. President Biden called the talks ‘productive’ but there is no deal yet. Speaker Kevin McCarthy told Republicans that the two side were “not anywhere close” to a deal. The lack of progress on the debt limit as the calendar continues to march towards the nominated early June x-date weighed on risk sentiment. US equities were lower, while the US dollar was stronger. McCarthy presented spending cuts as the sticking point, telling reporters that Democrats “still want to spend more money this year than they did last year…That’s the red line,” but did say he believes a ... (full story)