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6min chapter
The Debt Ceiling Approaches | Joseph Wang & Dominique Dwor-Frecaut
Forward Guidance
The Fed's Dilemma
Biggest risk from debt ceiling crisis is a failed auction, says Dominique. Fed will do its utmost to ensure that auctions do not fail, he adds. But there is a problem for the Fed, which is really quite fundamental - they are an independent institution. If they give too much support to the treasury market, they could be seen as actually underwriting what is basically political dysfunction.
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