The solution to the raising the U.S. debt ceiling is not going to be a cake walk

Short-term T-bills maturing between June 6th through 15th are currently yielding 5.997%, an indication of the angst regarding whether a debt ceiling resolution can be reached on time before threatening a government default of its financial obligations. The uncertainty regarding the negotiations has moved the one-year T-bill with an issue date of June 2022 maturing on June 15 to a yield of 6.141%.

The financial backdrop created by the uncertainty of a resolution in passing legislation to either suspend or raise the debt limit by the first or second week of June has strengthened the dollar and pushed away the chance for any upside moves in gold.

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