Debt-ceiling talks between Biden and McCarthy to resume at 5:30 EDT

The latest round of debt-ceiling talks between the President and House Speaker will begin tonight at 5:30 PM EDT. While both sides have presented optimism on passing legislation that would temporarily suspend, or raise the debt limit ceiling, the Democrats and Republicans are still far apart.

On Sunday President Biden said that he believes he has the authority to invoke the 14th amendment as a potential solution if the negotiations continue to result in a stalemate. However, the U.S. Treasury Secretary, Janet Yellen believes that the 14th Amendment is not a viable option as it cannot"be used appropriately in these circumstances, given the legal uncertainty surrounding it and given the tight deadline in which we find ourselves".

"I indicated in my last letter to Congress that we expect to be unable to pay all of our bills in early June and possibly as soon as June 1. And I will continue to update Congress, but I certainly haven't changed my assessment. So I think that that's a hard deadline," However, gold traded lower today temporarily disregarding the ongoing debt ceiling negotiations instead focused on statements made by Federal Reserve officials going against the grain of Powell's speech last week.

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