Markets are single-minded creatures. After banking gains from Greece’s austerity vote going?as?expected and?assuming Thursday’s privatisation vote is also passed – the focus will move. There is a decent chance the noisy debate over the US debt ceiling will catch investors’ attention.
On Wednesday, the International Monetary Fund warned that a failure to raise the $14,300bn debt ceiling could be a “severe shock” to markets. It is firmly in the consensus of the US Treasury, major investors and rating agencies.
Raised only as a mad idea, an increasing number of traders are wondering if all that might be wrong, at least in the supposed effect on US Treasury bonds themselves.
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