![]() ![]() That's been exacerbated by Fitch's recent downgrade of the US credit rating, the bank said, which has stoked even more concerns on the government's growing debt balance. But we can’t be sure that we won’t have another curveball from. COVID-19 is surging again in the U.S., reviving the polarizing debate over masks and mandates even though the risk of hospitalization and death remains low compared to much of the pandemic. Sajid Javid has said that lockdowns would only be considered as ‘a last resort’ if other measures did not work. I don’t think we’re looking at a crazy lockdown scenario in this part of the world with BA.2, Dr. Those fears were soothed after President Biden and House Speaker Kevin McCarthy struck an agreement in June to suspend the national debt limit through 2025, but lingering disagreements have still raised the odds that Congress will fail to agree on a budget for the coming fiscal year. At the moment there are no plans for another full lockdown in 2021. Politicians have been sparring over government spending constraints and the US's rising debt load for months, leading markets to fret over a potential US debt default earlier this year. We can see it in the eating out data, in retail and peoples mobility levels. "This has looked fairly likely since the debt limit deal, in light of the thin House majority and a lack of consensus on spending levels." But whether we go into lockdown or not, people are already being cautious, so its going to hit the economy regardless. ![]() "The federal government looks more likely than not to temporarily shut down later this year," the bank's team of strategists warned in a note Sunday evening. The US government looks on track to shut down at the end of next month, and that's set to weigh on stocks and the economy, according to Goldman Sachs. ![]()
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