El-Erian: Adversaries Benefit from Debt Ceiling Impasse, Don't Give World Excuse After Excuse To Derisk from US
Portfolio Pulse from Bhavik Nair
Economist Mohamed El-Erian warns that the ongoing debt ceiling impasse benefits US adversaries and could harm the perception of US markets. He also expressed surprise at the market's stability despite uncertainties surrounding the debt ceiling, the Fed's next move, and credit conditions.
May 24, 2023 | 6:40 am
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NEGATIVE IMPACT
The Invesco QQQ Trust Series 1 (QQQ) shed 1.27% on Tuesday as debt ceiling negotiations continue and market uncertainties persist.
The unresolved debt ceiling issue and market uncertainties are causing investors to be cautious, leading to a decline in the QQQ ETF. As the debt ceiling issue remains unresolved, it is likely to continue putting downward pressure on the ETF in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) closed 1.12% lower on Tuesday amid ongoing debt ceiling negotiations and market uncertainties.
The ongoing debt ceiling impasse and market uncertainties are causing investors to be cautious, leading to a decline in the SPY ETF. As the debt ceiling issue remains unresolved, it is likely to continue putting downward pressure on the ETF in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80