PREVIOUS TRADING DAY EVENTS 15 May 2023

Announcements  

Rising concerns about the debt ceiling are taking place. Yesterday, the U.S. Treasury Department made clear that the U.S. governments bills will be paid only through June 1 without a debt limit increase. It is unlikely that the U.S. will meet its obligations by early June, triggering the firstever U.S. default.

House Speaker Kevin McCarthy said on Monday that theres been no progress on debt ceiling talks. A meeting is scheduled again on Tuesday at the White House, just one day before he leaves on a trip. Biden will travel to Japan on Wednesday for a G7 summit, then to Australia.

Yellen We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise shortterm borrowing costs for taxpayers, and negatively impact the credit rating of the United States.

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests, she said.

Source httpswww.reuters.commarketsusustreasuryreinforcesjune1defaultdatewithoutdebtceilinghike20230515

The Empire State Manufacturing Index figure was reported lower than expected, and business activity fell sharply in New York State. The headline index dropped, 42.6 points to 31.8. A reading below zero signals that…