05/30/2023

U.S. Markets Jump on High Hopes of Debt Ceiling Lift Off

Wall Street was tipped for a strong open on Tuesday

Wall Street was tipped for a strong open on Tuesday, while the cost of insuring against a U.S. debt default fell and the safe-haven dollar weakened in a sign of broad optimism across markets that a U.S. debt ceiling crisis might be averted.

U.S. markets reopen on Tuesday following Monday's public holiday, reacting for the first time to a weekend deal to suspend the $31.4 trillion U.S. debt ceiling until 2025 while keeping some costs flat.

The U.S. House Rules Committee said it will meet at 3:00 p.m. ET, to discuss the debt ceiling bill. A handful of Republican lawmakers have said they will oppose the agreement, in a sign that the bipartisan effort could face a rocky path through Congress.

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