Far from risk-less

US default avoided, for now

The presidential administration in the United States and the Opposition-controlled House of Representatives leadership have announced that they have come to an agreement in principle on raising the “debt ceiling” — the legally mandated level of debt that the US federal government can take on, which currently stands at about $31.4 trillion, until January 2025. This will come as a great relief to investors and others not only in the US but also in the broader world. The federal government is expected to run out of money on June 5 or thereabouts. It may have been able to meet its