AI image
On one side, you have Republicans demanding changes in order to raise the debt ceiling. On the other side, you have Democrats and the White House saying that the debt ceiling is non-negotiable.
The Treasury market is at least slightly concerned about a technical default and no one trusts the jokers in Congress to do the right thing at any point. In fact, I don't think anyone even trusts this June 1 deadline, which the Treasury's Josh Frost also hedged on, saying the actual date for not being able to pay obligations depends on realized receipts and outlays.
