Postponing Washington's urgency

Compared to America’s 2011 debt ceiling brawl, volatility is barely registering on the Street. It could be that markets don’t blink until well after tomorrow’s ‘soft deadline’.

The Washington shutdown, the greatest show about nothing since Seinfeld, is entering its third week – and Wall Street is finally showing signs of wear ahead of the October 17 debt ceiling deadline. There’s nothing like a deadline to focus the mind.

Overnight, short-term Treasury yields began rising with greater speed, while demand for two short-term US debt sales was weak, a signal investors were starting to shun US debt.

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