This One Line From A Goldman Report Shows How Little Investors Are Paying Attention To The Debt Ceiling

Washington monumentREUTERS/Larry DowningCrowds line the Reflecting Pool to witness the 50th anniversary ceremony of the 1963 March on Washington, with the Washington Monument in the background, August 24, 2013.

From Goldman’s Weekly Kickstart note, a line which drives home how much Wall Street has still tuned out what’s going on in DC.

Not one client meeting during the past two weeks has focused on the stalemate in Washington, DC. Every investor assumes a deal will be reached to raise the debt ceiling. Instead, portfolio managers are seeking clues for how the economy is performing given the absence of data releases from the federal government that typically serve that purpose. Fortunately, 3Q earnings season has started and during the next three weeks nearly 70% of the S&P 500 will report results. While earnings are always important at the micro level, the vacuum in macro data should raise the signal value of company-level information.

The view remains that this has all been noise, and that every selloff is just a market dip to be bought.

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