Markets are growing nervous over the prospect of a US default as debt ceiling deadline looms
as a deadline looms before the US possibly defaults this summer.
Five-year credit default swaps on US government debt – one of the most traded forms of debt insurance– have notched their highest price since 2012, thereported, reflecting investors' desire to protect themselves against a potential default of debt. Meanwhile, the demand for US Treasury bills has fallen off, a sign investors are leaning away from government-issued debt as the impasse over raising the debt ceiling drags on. Prices for Treasury bills that expire in late summer – around the time a– have fallen below those of other, riskier short-term debt instruments, the FT said.
Though experts say it is unlikely, a debt default would be potentially catastrophic for markets, with US Treasury Secretary Janet Yellen calling such an event an" ." Markets could easily be upended by liquidity problems as bond holders, businesses, and foreign governments sell their holdings, which could spark a financial crisis, she warned.
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