Gold surges as concerns of banking crisis and the debt-ceiling crisis re-emerge
With the FOMC meeting to conclude tomorrow the Federal Reserve will most likely announce a ¼% rate hike and attention has shifted away from the Fed as market participants focus on other potential calamities within the financial markets.
Debt ceiling anxiety grows after U.S. Treasury Secretary Janet Yellen in a letter yesterday said, “After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government's obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.”
More alarming is that there are very few days in which members of the House, and the Senate will all be available to meet with the president. Considering the compromise that must be made by both parties there is an extreme uncertainty that a solution can be reached promptly.
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