BofA Merrill Lynch Global Research – A Global Economics Rates & FX Report – Tuesday, 02 January 2013
Twin peaks for the New Year
Events in Washington have played out pretty much exactly as we expected, with Congress compromising on a deal at the very last minute. The deal was focused on the revenue side and did not address spending or, most importantly, the debt ceiling. This means there is much to do in the New Year. The cliff is behind us but now “three gorges” – the sequester, the debt ceiling, and the continuing resolution for the FY 2013 budget – all lie ahead.
Read the full report here.