Tuesday 16th May 2023

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Is the US careering towards a debt default? There’s only a couple of weeks until the point at which Janet Yellen has warned the US government could run out of money. But Biden and McCarthy are talking, so there is hope of a resolution. But NAB’s Skye Masters says its drawing a long bow to assume the slight increase in confidence in markets today is being driven by hopes on those talks.  It was simply a session light on significant data to drive markets in any particular direction. It’s a different picture in the next 24 hours though, with a swathe of data, and growing uncertainty as each day passes without a debt ceiling resolution. In amongst the releases today, the RBA minutes, which will help explain the surprise decision to lift rates at the last meeting, with NAB now forecasting one more hike this year.

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