Bondlife: Keep Limber for the Debt Ceiling Deadline

It has been a very busy week for me, not because I'm doing a lot of trading ahead of the ominous Aug. 2 debt-ceiling deadline, but because I'm spending so much time answering questions about it. From clients to RealMoney readers, it seems everyone wants to know what I think will happen. But here is the thing: I don't know.

Among clients, I have been describing a downgrade of U.S. debt as pushing a button with no label. We are going to push it, but damned if I know what it is going to do. Of course, that isn't really what people want to hear, and it sure isn't what gets you on the talking-head shows. Indeed, I've received at least a dozen emails from Wall Street research desks and economics research firms claiming to know, in detail, exactly what will happen to the financial markets and the economy as a whole under various potential scenarios....1037 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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