Stocks staged a modest rally just after 11am ET...the immediate cause may have been a Treasury announcement that they will auction $24 billion in 6 month bills and $27 billion in 3 month bills Monday.
In other words, the Treasury is acting like this is business as usual. Traders tell me this indicates Treasury believes the debt ceiling issue will be resolved soon....the thinking is they would have delayed the auction if there was concern.
This of course will refinance existing debt, not add new debt.
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