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The Debt Ceiling Approaches | Joseph Wang & Dominique Dwor-Frecaut
Forward Guidance
The New York Fed's Plan to Prioritize Payments
The prospect of a default, even if we go past the x-date, is zero because as Dominic mentioned, we're going to prioritize payments. That's basically going to give the root treasury indefinite amounts of time. But again, we have Secretary Yellen going on TV and saying the next day is really soon and then we can't prioritize payments and so forth. Those words are absolutely false.
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