Technical Analysis

BoA say US federal government will forced to default on a portion of its daily obligations


Bloomberg (gated) have the report of comments from BoA concerning US politics. Specifically the potential for a Reepublican controlled House of Representatives to refuse funding on debt ceiling negotiations

  • “We think it is likely that by late summer or early fall, the federal government will temporarily be forced to default on a portion of its daily obligations for a time ranging between a couple of days to a few weeks,” wrote Bank of America strategist Ralph Axel in a note to clients. “If so, this would represent the first time in history that the US would default on any of its obligations due to the debt ceiling law.”

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