Yellen is calling CEOs personally to warn on US debt ceiling

Ross J Burland FXStreet

Reuters is reporting that the US Treasury Secretary Janet Yellen is reaching out to business and financial leaders to explain the "catastrophic" impact a US default on its debt would have on the U.S. and global economies, two sources familiar with the matter said on Monday.

The news agency reports that the Treasury secretary is having one-on-one conversations with individual CEOs to warn them about the "dangerous consequences of the current brinkmanship," one of the sources said.

´´Yellen, other economists and analysts have repeatedly warned that a default on US debt would result in millions of job losses, while driving household payments on mortgages, auto loans and credit cards higher.

Unlike most other developed countries, the US puts a hard limit on how much it can borrow. Because the government spends more than it takes in, lawmakers must periodically raise the debt ceiling.´´

US Dollar update

US Dollar bears move in and eye a break of trendline support

The US Dollar is seen to be decelerating and ´´the structure is located at 101.332. To confirm a downside bias, the bears will need to see a break of there, currently, until at least a new structure is formed, potentially, higher up.´´

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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