Wall Street tells Washington: Consequences of U.S. default or prolonged debt debate are 'unquantifiable' debtceiling economy
Wall Street leaders addressed the debt ceiling issue, urging Washington to resolve the crisis as soon as possible, adding that the consequences of a U.S. default or a prolonged negotiation would be"unquantifiable."
The current stalemate could also undermine the foundation of the U.S. Treasury bond market, they said in the letter. "Market participants are already undertaking significant preparations to reduce exposure in case of a possible default. The costs of the standoff extend well beyond what is seen in markets, as default preparations require operational, liquidity and solvency plans. This is time taken away from already extensive risk management and is particularly pernicious amid an evolving banking crisis," the letter said.
Wall Street executives also warned that rating agencies are already considering downgrading the U.S. government. In the next few weeks, the debt ceiling will be a critical unknown element when making trading decisions, said Pepperstone head of research Chris Weston.
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