With another US debt deadline slowly approaching as each day passes, how will the financial markets address this uncertainty? Will the markets again remain calm, except perhaps at the short end? While there is hope for a resolution, navigating the “uncharted territory” of a serious funding shortage at the Treasury will become more of a concern.
"There are no great alternatives there right now," said Ernie Patrikis, a partner at White & Case and former Federal Reserve Bank of New York general counsel. But "It's not going to be that way forever."