|

US House Speaker McCarthy: Meeting with Biden was productive but no debt ceiling deal

“Meeting with US President Joe Biden was ‘productive’ but no agreement had yet been reached on the debt ceiling,” said US House Speaker Kevin McCarthy late Monday per Reuters. The US policymaker spoke after his much-anticipated meeting with US President Biden.

It’s worth noting that a US Republican Patrick Mchenry also crossed wires, via Reuters while saying, “We have a little more of the details we need to get to a package that can pass Congress.” The policymaker also said, “What I sense from the white house is a lack of urgency.”

Additional comments

The meeting was productive in areas where we have differences of opinion.

Tone of discussion was improved from previous times.

Not willing to talk about raising revenue, problem is spending not revenue.

Staff level talks will continue.

Not willing to talk about raising revenue.

Staff will continue to get back together.

Both agreed we want to come to an agreement.

Confident that Biden wants to make a deal.

Instructed negotiators to come back together and find common ground.

Not going to waive the 72-hour rule.

Defense cuts are not on the table.

I believe we can get a deal done.

Nothing is agreed to, everything is being talked about.

Biden and I will talk everyday until we get this done.

Don't think a short-term extension benefits anybody.   

Negotiating teams will work tonight.

I see where the framework could be.

If i don't meet biden every day, i'm sure we're going to talk on the phone.

Market reaction

The news allowed the US Dollar to pick up bids to 103.25, after an upbeat start of the week.

Also read: Forex Today: Quiet markets ahead of PMIs, awaiting a debt-limit deal

Author

Anil Panchal

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

More from Anil Panchal
Share:

Editor's Picks

AUD/USD keeps the red near 0.6950 after weak Aussie jobs data

AUD/USD holds losses near 0.6950 on disappointing Australian jobs data, extending the previous day's retracement slide from the monthly high and hitting a fresh weekly low during Thursday’s Asian session. Meanwhile, declining US bond yields drag the US Dollar away from the April 2025 high, touched after Wednesday's hot US CPI, helping limit losses for the currency pair.

USD/JPY slides back below 158.00 as USD reverses post-CPI gains

USD/JPY extends the previous day's pullback from a three-week high, attracting follow-through selling and sliding below 158.00 during Thursday's Asian session. Traders remain on high alert amid speculation that authorities will step in to prop up the Japanese Yen. The US Dollar, meanwhile, reverses Wednesday's hot CPI-led gains to April 2025 highs as US bond yields retreat on China bond-buying talk, further pressuring the pair.

Gold sticks to gains below $4,150 on weak USD; bulls seem hesitant amid Fed hike bets

Gold clings to modest intraday gains through the early European session amid a broadly weaker US Dollar, snapping a three-day losing streak to a one-week low set on Wednesday. The initial aggressive market reaction to hot US consumer inflation figures faded quickly amid expectations that the Fed may not rush to raise interest rates immediately. This led to a further decline in US bond yields, prompting some follow-through USD profit-taking and supporting the non-yielding bullion.

Bitcoin, XRP analyst sentiment jumps as Solana bulls hit 91%: CryptoQuant

Analyst sentiment on Bitcoin, Ethereum, Solana, BNB and XRP has flipped bullish since July, as the top five cryptocurrencies recovered faster and more strongly than during the 2022-2023 market phase, according to CryptoQuant.

US Sept Retail Sales and PPI in focus along with corporate earnings
Asia market update: Bond traders ignore US CPI and focus on equity weakness and AI-credit concerns ahead of TSMC earnings; Kospi circuit breaker triggered for the first time since Jul; CHF and JPY rise on safe-haven demand; US Sept Retail Sales & PPI in focus along with corporate earnings. - Chinese shipping firms collapse amid capacity concerns.
Has Bitcoin really escaped the macro forces it was built to fight?
Over 17 years ago, Satoshi Nakamoto designed Bitcoin (BTC) on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?