Markets don't believe Yellen's warning that the US government will be out of money by June 1, Jim Bianco says
Investors don't believe Treasury Secretary Janet Yellen's warning that the US government could run out of money and be unable to pay its debts by June 1 if Congress doesn't resolve the borrowing-limit standoff, according to Wall Street analyst Jim Bianco.
The so-called X-date - when the Treasury will run out of cash - is further away than Yellen has suggested, according to the Bianco Research president, who referenced anYellen has repeatedly urged lawmakers to act on the borrowing limit - and warned that failing to raise the debt ceiling in time could result in a"The Treasury bill market is acting like something has changed, and traded this week as if the X-date will be later than June 1, according to Bianco.
"All signs point to more time than June 1. So, the market does not believe Yellen about this date. If this is still the date, she can no longer just say it. She has to show her homework," he said in a lengthy
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