Wall Street traders’ focus on debt ceiling negotiations led to the S&P 500 and Nasdaq Composite reaching their highest closing levels since August 2022. House Speaker Kevin McCarthy expressed optimism that a deal would be reached in time for a House vote next week, with the U.S. government never fully walking away from defaulting. However, Fed speakers also stoked the airwaves, reining in market sentiment by introducing the possibility of another rate hike in June. Ah, June may bring us a thrilling sequel to “Debt Ceiling Crisis” – perhaps titled “Repo Men: Playing with Market Turbulence.” Grab your popcorn, folks!
