House Narrowly Passes "Avoid Default" Bill - 221-207; US CDS Ticks Up

The Treasury market can rest assured that the Republican-'owned' House has done its very best to avoid a default on the debt securities of the US. The 'debt prioritization' bill narrowly passed the House 221-207 amd now moves on to the Senate where it stands a snowball's chance in hell of passing. Let the Grand-Standing begin... Meanwhile, US 5Y CDS rose modestly to around 35bps (from 31bps) - but remains near post-crisis lows.



Charts: Bloomberg