Asian markets mostly rose Thursday after the US House passed a bill to avoid a painful default, as traders turn their attention to the Federal Reserve's next policy meeting and China's struggling economy. | ManilaBulletin
After weeks of brinkmanship, Democrats and Republicans came together to push through an agreement to lift the debt ceiling in rare bipartisan cooperation.
The bill now goes to the Senate before President Joe Biden can sign it off, allowing the government to borrow more cash to service its mammoth debts. After the vote, Biden said in a statement: "Tonight, the House took a critical step forward to prevent a first-ever default and protect our country's hard-earned and historic economic recovery.House Speaker Kevin McCarthy, who drew up the deal with Biden after weeks of wrangling, said: "Passing the Fiscal Responsibility Act is a crucial first step for putting America back on track.
Continued strength in the labour market has been a key factor in the Fed's decision to keep hiking rates for more than a year as it tries to rein in inflation.
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