The Briefing


July 01, 2017

The possibility of another government shutdown and default disrupted pricing of short-term securities this month under looming deadlines to lift the statutory debt ceiling by Sept. 29 and pass a Fiscal 2018 federal budget by Oct. 1. Tensions eased when the White House defied some Republicans to compromise with Democratic leaders and kick the can of government funding and borrowing to Dec. 8. Meanwhile, the markets continue to prosper despite dysfunction in Washington, underscoring that the primary economic risk today is geopolitical.

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