A move originally put forward by the Democrats, the US government debt ceiling which will be reached around the 15th of this month has been raised to $19.8 trillion until mid-December. This manoeuvre will mean the Federal government avoids defaulting on maturing Treasury paper. This surprising move, agreed to by President Trump, has infuriated other Republicans. In another surprising move yesterday Stanley Fisher, vice chairman of the Federal Reserve board, will quit his job for personal reasons around the 13th October. A hawk in terms of interest rate policy, he also believes in keeping US banks on a very tight rein. This means that there will be four vacant positions on the seven person Board of Governors.
To continue reading, register today
to enjoy limited access to the following:
- Daily trading news
- Funds coverage
- Features on big investment themes
- Comprehensive companies coverage
- Economic analysis