© Reuters. FILE PHOTO: U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration
(Reuters) – The cost of insuring exposure to U.S. government debt dropped on Friday as U.S. President Joe Biden and top congressional Republican Kevin McCarthy were closing in on a deal that would raise the U.S. debt ceiling.
The 6-month credit default swap dropped 13 basis points from Thursday’s close to 212 basis points, data from S&P Global (NYSE:) Market Intelligence showed.
The one-year credit default swap dropped 9 basis points, while the most commonly used five-year credit default swap was down one basis point, the data showed.
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