The Latest Breaking News from Janet Yellen

Politicians in Washington may be offering assurance that the government will figure out a way to avert default, but around the country, economic anxiety is rising and some people already are adjusting their routines

‘They doing this insane chapstick s*** while the country teeters on default. Wild,’ Ilhan Omar tweets

Florida governor reportedly to officially announce campaign on platform; McCarthy says debt deal possibly by 1 June

House Speaker Kevin McCarthy says his team and the White House have had ‘productive’ discussions to avert a default on U.S. debt days before the June 1 deadline.

Republican speaker says he and president had ‘productive’ discussion but that ‘the time of just spending more money is wrong’

Their meeting comes as US Treasury Secretary Janet Yellen issues third letter in three weeks, warning of a June default.

President Biden and Speaker McCarthy are scheduled to meet tonight.

Republicans like Marjorie Taylor Greene and nihilists like Trump are more committed to gaining power than to cutting the government debt

June S&P 500 futures (ESM23) are up +0.09%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.12% this morning as market participants continued to monitor U.S. debt-ceiling negotiations while awaiting the release of the Fed’s favorite inflation gauge and the minutes of the Federal Reserve’s latest policy meeting.

The U.S. government's cash reserves are dwindling, and soon the Treasury will have to flood the market with over half a trillion dollars in new IOUs.

The debt ceiling isn’t the issue; excessive federal spending is the real problem.