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Buyers of U.S. debt are sending Congress a message of disapproval over the budget impasse and the debt ceiling, Newedge Senior Director Larry McDonald said Wednesday.
"There's really been a buyer's strike in the Treasury market—from foreigners, anyway, and I expect a little bit more of that," he said. "It's going to create probably some more stresses for the Treasury market, maybe in the first quarter or maybe toward the end of the year. But for right now, I think that they're just really kind of testing.
"They're just sending a message to Washington that they've had it, just like we all have had it," he said.
McDonald made the comments after news that Fidelity had sold off all U.S. debt scheduled to come due around the time that the government could hit its borrowing limit.
On CNBC's "Fast Money," McDonald said that the move was not surprising given that certain money managers must avoid certain types of risk.
"With bonds, you've got classic interest rate risk and credit risk. And those two audiences are drastically different. So, people in the money space, in the money market funds, they're not allowed to take credit risk," he said.
(Read more: 'Not enough of a pull-back yet': Pete Najarian)
"When credit risk comes into play ... they just have to get out of the way," McDonald said.
He thinks Washington will reach a deal to avoid the United States' defaulting on its debt obligations and said that around the middle of next week he expects the "inner workings of a deal to appear."
(Read more: How to trade Yellen, shutdown: Gemma Godfrey)
"That'll calm some of this down," McDonald said.