US markets jump on high hopes of debt ceiling lift off

📆 5/30/2023 6:35 PM
📰 Reuters

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Wall Street was tipped for a strong open on Tuesday, while the cost of insuring against a U.S. debt default fell and the safe-haven dollar weakened in a sign of broad optimism across markets that a U.S. debt ceiling crisis might be averted.

U.S. markets reopen on Tuesday following Monday's public holiday, reacting for the first time to a weekend deal toThe U.S. House Rules Committee said it will meet at 3:00 p.m. ET , to discuss the debt ceiling bill. A

U.S. 10-year Treasury yields fell about 10 basis points to 3.72%, while thirty-year yields fell 8 basis points to 3.90%. Bond yields move inversely to price. The cost of insuring exposure to a U.S. debt default meanwhile fell. One-year credit default swaps narrowed 15 bps points from Monday's close to 118 bps, data from S&P Global Market Intelligence showed.ING senior rates strategist Antoine Bouvet said Tuesday's bond rally might have less to do with the debt ceiling and more to do with thin trading around Monday's public holidays.

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