The Fed's Debt Ceiling Negotiations

The debt ceiling negotiations are definitely the first thing to focus on you know with respect to the feds rate path a lot more of the focus is what might happen by the end of this year. We continue to believe that the debt ceiling will be resolved without missing any payments but at the same time we expect negotiations to probably run until the last minute like they did in 2011. The stock market seems to think that as well because you've seen equity returns have been pretty nonchalant about it.