Wall Street Execs Preparing for US Debt Default, Potential Collapse in Mortgage and Stock Markets: Report

Wall Street executives are reportedly preparing for the worst in regard to the looming US debt ceiling deadline.

Citigroup chief executive Jane Fraser says the ongoing partisan debate is “more worrying” than arguments over previous debt ceiling deadlines, according to Reuters.

U.S. Treasury Secretary Janet Yellen has warned that the US will tumble into an “economic calamity” if Congress fails to raise the debt ceiling. She also projected that the government could run out of cash by June 1st if the issue isn’t dealt with.

Reuters reports that big bond investors are stressing the importance of liquidity to remain durable amid potential market volatility.

The Securities Industry and Financial Markets Association (SIFMA), a trade group for broker-dealers, investment banks and asset managers, is reportedly gaming

Continue reading