Funding market responses to a possible US debt ceiling default

Once again, it is possible that US politicians could fail to reach agreement on extending the debt ceiling, leaving the US unable to pay many of its bills in a “technical default”. This could happen as early as October, according to US Treasury Secretary Janet Yellen. There is also the possibility of a federal government shut down on October 1 if new budget spending is not approved. History is a good guide to what might happen in funding markets as a result.
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