The cost of buying insurance against a US government default has shot to its highest level in more than a decade, in an early sign of market concerns about the political impasse in Washington over the debt ceiling.
Amid a stalemate between the White House and congressional Republicans on raising the federal borrowing limit, the price of five-year credit default swaps — the most widely traded form of debt insurance — reached its highest since 2012 this month.
A default on US federal debt — an outcome US Treasury secretary Janet Yellen has warned would lead to “catastrophe” — is still viewed as unlikely.
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