Free Trial

MNI POLITICAL RISK ANALYSIS - US Daily Brief 02-05-23

Executive Summary:

  • The political standoff over the federal debt limit has escalated into a fully-fledged crisis. Treasury Secretary Janet Yellen and the Congressional Budget Office warned yesterday that the government could default on its USD$31.4 trillion debt as soon as June 1st unless Congress takes action.
  • President Biden called the four congressional leaders yesterday to invite them to the White House for a crisis meeting on May 9 but Yellen's stark warning has done little to change the outward posture of either side. Wall Street is now a key player as pressure mounts to legislate a short-term solution to punt the crisis into next year.
  • Veteran Democrat Senator Ben Cardin (D-MD) has announced he will retire at the end of the current Senate cycle, opening up a rare seat in deep blue Maryland.
  • House Speaker Kevin McCarthy (R-CA) has given his most significant indication yet that Ukraine aid will not be threatened by the Republican-controlled House of Representatives.
  • Senator Joe Manchin (D-WV) will today take a third run at legislating his permitting reform bill.
  • Poll of the Day: Confidence in the US economy has improved slightly since October last year.

Please find the full article attached below:

MNI POLITICAL RISK ANALYSIS - US Daily Brief 02-05-23 .pdf

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.