More Market Stress Is Needed to Spur Debt-Limit Deal, Ex-Biden Adviser Singh Says
- President Joe Biden to host Speaker Kevin McCarthy on Tuesday
- Bills pricing in default risk, broader markets relatively calm
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A financial-market shock is what’s required to motivate politicians to break the current impasse on the US debt ceiling, according to former Biden administration economic adviser Daleep Singh.
“I’m afraid market stress is still what’s needed to create cover for facing compromise and that’s why, perversely, market complacency is tough to beat,” Singh, now chief global economist for PGIM Fixed Income, said during an interview on Bloomberg Television Monday.