Talk of a reduction in U.S. stimulus has been all the rage since Federal Reserve Chairman Ben Bernanke first uttered the 'T word' in late May, but as more worrying issues come into focus, analysts say the industry's favorite topic of conversation is set to change.
According to Mark Zandi, chief economist at Moody's Analytics, once investors find out whether the Fed will begin tapering following this week's policy meeting, the U.S. government's debt ceiling will come back to the fore.
"The debt ceiling will become a real problem by mid-October... I think [industry commentators] need to start talking a little more about that," said Zandi.
(Read more: Debt talks could get ugly, but sequestration?)
If Congress is unable to pass legislation on the debt ceiling in the coming weeks, Zandi said the issue could be more detrimental than the tapering fallout, which prompted a sharp selloff across global equity markets as investors ditched risk and piled into safe haven assets. Emerging market equity, fixed income and currencies were hit particularly hard.
"If Congress and the Administration don't come together pretty soon… if we don't have a piece of legislation on that in the next few weeks, that's going to be a real significant problem, much bigger than tapering," he added.