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Still no movement on the debt ceiling talks, but we got this from one staffer on Capitol Hill:I’d put the odds of the first week of August recess being canceled pretty high…80% or so. I very much doubt the House will come in before next Wednesday as scheduled as far as the July 4th recess.
I think the CDS rate jumps are starting to make some lawmakers nervous, but to be honest not enough of them understand the instrument to really get what a 20% increase in 1 yr CDS rates mean, a good chunk of members still don’t believe Aug 2 is any kind of real deadline. Definitely still an uphill battle.
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