For gold investors, a temporary solution to U.S. debt ceiling is the gift they wish would stop giving garyswagner gold silver
To avoid a financial crisis in the United States the government passed legislation to leave the U.S. debt ceiling uncapped for two years avoiding a financial government default. However, the fallout from the U.S. Treasury having to service financial obligations between January when the debt ceiling limit was hit and also having to refill the government coffers will create a unique set of problems.
Next week the Federal Reserve will hold the next FOMC meeting in which it is highly anticipated that they initiate the first interest rate hike pause after 10 consecutive FOMC meetings resulted in higher rates. Inflation continues to remain elevated and is moved higher as seen through the last PCE report. Also, the jobs report for May showed that the U.S. economy gained 339,000 new jobs with the unemployment level rising to 3.7%.
According to MarketWatch, Investors are bracing for an estimated $1 trillion deluge of Treasury issuance to start flowing later this week and continue in the coming months as part of the latest debt-ceiling resolution.
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