Equity markets spooked by lack of progress in debt ceiling negotiation

Worry over the debt ceiling hammered the stock markets. Investors were looking for updates on the debt ceiling talk, only to feel disappointed by the lack of significant progress.

Analysts now state that even if a deal is reached at the last minute, it would still erode investor confidence.

Treasury bill yields rose sharply.

The bond market is also signalling unease over the debt ceiling. Short-term treasury bills saw significant movement as yield rose sharply.

A potential default is now in the play, and people are scrambling to understand how it could impact T-Bills’ payment.

Nonetheless, we are still seeing healthy demand for longer-term Treasury notes and the yield are still fairly stable.

What’s on the menu today?

At 10.05 pm, we are expecting Treasury Yellen to speak.

The FOMC minutes will be released at 2 am .

We have taken some losses on our positions, given the uncertainty revolving around this debt ceiling saga. However, we still have significant exposure to major indices, which also put us in a volatility ride.

We recommend everyone stay light as we navigate this stormy debt ceiling showdown.

It is 24 May , Wednesday 9 am in Singapore and 9 pm in New York. It has been a challenging trading day, but we wish you an awesome day ahead in school and at work.

Fighting!

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