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Debt ceiling jitters drive up cost of insuring against U.S. default
By Kate Duguid, Lauren Fedor, and Colby Smith
Financial Times, London
Thursday, April 13, 2023
The cost of buying insurance against a U.S. government default has shot to its highest level in more than a decade, in an early sign of market concerns about the political impasse in Washington over the debt ceiling.
Amid a stalemate between the White House and congressional Republicans on raising the federal borrowing limit, the price of five-year credit default swaps -- the most widely traded form of debt insurance -- reached its highest since 2012 this month.
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A default on U.S. federal debt -- an outcome U.S. Treasury Secretary Janet Yellen has warned would lead to "catastrophe" -- is still viewed as unlikely.
But investors are moving to protect themselves against the possibility, which could theoretically come as soon as June, or to profit from a protracted game of chicken that upends markets. ...
... For the remainder of the report:
https://www.ft.com/content/0ffc5460-09b8-4d0f-9f52-66337916cac4
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