The S&P 500 declined for the 2nd week in a row, easing -20 bps. The US debt ceiling standoff is worrying—the CBO warns the US will run out of funds to pay obligations by the middle of June. In encouraging news, earnings have been surprisingly good. With almost all S&P 500 companies having reported, more than 75% have beaten expectations, compared to ~66% in an average quarter.
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