Markets tense as US debt talks near crunch time FMTNews FMTBusiness
Futures are once again pricing in a 90% chance that the Fed will keep interest rates unchanged at its June meeting.
A failure to lift the debt ceiling would trigger a default, sparking chaos in financial markets and a spike in interest rates.MSCI’s broadest index of Asia-Pacific shares outside Japan was last flat, struggling for direction. Japan’s Nikkei was also mostly unchanged and Australia’s resources-heavy shares slipped 0.2%.“In the art of brinkmanship, it feels that to get a deal we must see greater market volatility,” said Chris Weston, head of research at Pepperstone.
The Fed chief also flagged that after a year of aggressive rate increases, officials can afford to make “careful assessments” of the impact of rate hikes on the economic outlook, a stance that was viewed as dovish by markets. Meanwhile, regional US bank shares continued to fall on Friday, as Treasury Secretary Janet Yellen reportedly warned that more mergers may be necessary after a series of bank failures.
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