Treasury secretary Janet Yellen has warned that the US risks running out of money by October 18 as Senate Republicans blocked attempts to increase the borrowing limit and stave off a government shutdown. ...... Yellen reiterated her warnings during testimony before the Senate banking committee, saying a default “would undermine confidence in the dollar as the reserve currency, and the interest payments of ordinary Americans on their mortgages and on their cars and on their credit cards would all go up in line with higher Treasury borrowing costs.” ...... Jamie Dimon, chief executive of JPMorgan Chase, the largest US bank, told Reuters on Tuesday the lender had started to prepare for the “potentially catastrophic event” of a US credit default on financial markets, client contracts and capital ratios. ...... Morgan Stanley has also been planning for the possibility of a US credit default, a spokesperson said.During his testimony to the committee on Tuesday, Powell warned that elevated price pressures stemming from pandemic-related disruptions were persisting longer than anticipated.
RRL Price at posting:
$2.00 Sentiment: Hold Disclosure: Held
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