Morning, Traders!
It is Monday the 29th of May, and US markets are closed in observance of Memorial Day.
Nonetheless, here are some things to look out for today.
Sentiment
Over the weekend, President Biden and US House Speaker McCarthy came to an agreement on the debt ceiling.
Biden and McCarthy expressed confidence that their debt-ceiling agreement will be approved by Congress, averting a historic US default while directing federal spending until after the 2024 election.
As part of their debt-limit agreement, Biden and McCarthy agreed to compromise on contentious issues such as federal spending and poor-people assistance. They must now sell the agreement to lawmakers from both parties.
The cap on government spending in Washington's deal to raise the federal debt limit adds to the pressures on the US economy, which is already dealing with the highest interest rates in decades and limited access to credit.
Have a good day!
