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One would be forgiven for thinking that, by risking a recessionary impetus should the US government “default,” the debt ceiling saga would place downward pressures on yields other than very short dated bills.
Far from it.
Yields are continuing their move up in the context of a… pic.twitter.com/1u9KSVDf2l

— Mohamed A. El-Erian (@elerianm) May 25, 2023