All the votes in the US Congress leading up to today’s votes in the House and Senate were essentially meaningless.
Today we will have votes that are nearly as important as the TARP votes back in the late summer of 2008. A failure to pass the debt-ceiling deal in either house would set off a wave of volatility and up the risk of default considerably.
Assuming the deal reached yesterday passes both houses, we still have the specter of S&P downgrade to contend with since the deal does not measure up to S&P’s stated criteria since it unfolds in two tranches.
Hard to figure the price action in the Swiss franc today given the risk rally in equities. Color me clueless.
