U.S. Treasuries Amid Market Turmoil
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debt ceiling jittersReuters
•Business
Business & Economics
Analysis-US political brinkmanship undermines Treasuries' safe-haven status
77% Informative
The $28.5 trillion U.S. Treasury market is the world's largest bond market, known for its liquidity and stability.
But a looming debt ceiling debate and ongoing political brinkmanship are stark reminders that even the ultimate risk-free asset is not immune to cracks.
A debt ceiling showdown in 2023 spurred a sell-off in stocks and bonds, pushed the U.K. to the brink of default and hurt its credit rating.
"If you really are concerned about keeping the 10-year low, you can double down on credibility," said Ben Harris , vice president and director of economic studies at Brookings , who recently served as chief economist at the Treasury Department . This could be achieved by pledging to maintain the independence of the Federal Reserve , or through a timely and responsible budgeting process, he said. "There's an inconsistency between their stated aspiration and their policy approach," said Harris . (Reporting by Davide Barbuscia ; Editing by Megan Davies and Andrea Ricci ).
VR Score
88
Informative language
94
Neutral language
49
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English
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