Tuesday 23rd May 2023

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If you look at Kevin McCarthy’s twitter feed you’d assume he is taking a very defiant stand against the Biden administration when it comes to movement on the US debt ceiling. But JBWere’s Sally Auld says that reflects the stakeholders he has to pacify, and you’d hope he’d be more conciliatory in the negotiations underway. But they’ll have to be quick if they want to reach a resolution and pass any necessary legislation before the default, yet markets remain clam, presumably assuming a compromise will be reached in the nick of time. Meanwhile the Fed remains divided too, although the general direction of travel seems to be more, not less, hikes. The same applies for the RBNMZ, with tomorrow’s expected rise unlikely to be the last. Today global PMIs will be keenly watched.

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