Market jitters over the U.S. debt ceiling lifted the cost of insuring exposure to its debt to the highest level in over a decade on Thursday, while JPMorgan warned of a 'non-trivial risk' of a technical default on U.S. Treasuries.
United States one dollar bills are seen on a light table at the Bureau of Engraving and Printing in Washington in this November 14, 2014, file photo. REUTERS/Gary Cameron//File Photo
Spreads on U.S. five-year credit default swaps - market-based gauges of the risk of a default - widened to 50 basis points, data from S&P Global Market Intelligence showed , more than double the level in January. JPMorgan said in a note published late Wednesday it expected the debt ceiling to become an issue as early as May, and that the debate over both the ceiling and the federal funding bill would run "dangerously close" to final deadlines.
"Today is another big day to watch as it will capture a portion of Tuesday's deadline day tax flows, yet to be reported," Deutsche Bank said in a note on Thursday, adding that the overall total was softer than some initial assumptions.
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