President Joe Biden and House Speaker Kevin McCarthy struck a preliminary agreement on the debt ceiling over the weekend, dubbed the "Fiscal Responsibility Act," which suspends the debt limit until 2025 and limits discretionary spending for the next two years.
Negotiations to raise the U.S. federal debt ceiling met fresh snags after the White House presented congressional Republican leaders with a list of proposals to reduce the deficit by closing tax loopholes on Monday, which were universally rejected by the GOP.
The probability that the U.S. economy will enter a recession within the next year has increased to 68.2% in April.
That's the greatest level since late 1982, according to the Federal Reserve Bank of New York.
The Treasury yield curve has witnessed substantial volatility in recent weeks as a result of multiple shocks, mostly related to Fed interest rate expectations, the dangers of a recession, and the consequences resulting from the debt-ceilin
The likelihood of a recession in the United States within the next year has risen to almost 58%, the highest level since August 1982, according to the New York Federal Reserve.