President Joe Biden and House Speaker Kevin McCarthy, a California Republican, were meeting today as aides spent the weekend trying to sew up an agreement. The deadline for Congress to raise the ceiling or suspend it is quickly approaching, with some estimates saying the government will run out of options to continue paying its obligations as early as June 1.The uncertainty is hanging over markets as the Federal Reserve prepares to meet again next month to decide the next move on interest rates.
St. Louis Fed President James Bullard said he foresees two more rate increases this year, while his counterpart at the Minneapolis Fed, Neel Kashkari, expressed support for a pause in June.index for April, an inflation gauge it closely monitors. Biden returned to the U.S. on Sunday, cutting short an Asia trip after the Group of Seven meeting of world leaders to finish the negotiations on the debt ceiling deal.
On Sunday, China banned some sales of Micron Technology Inc chips to key industries in its country, citing national security. Shares of Micron fell 2.8%.
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