5/23/23 Market Snapshot: Positive Markets, Unproductive Debt Ceiling Talks

Despite stalled discussions on Friday, talks are expected to resume on Monday between the President and House Leaders regarding the U.S. debt ceiling limit. Conversations were unproductive over the past week as both sides cannot agree on spending levels and the duration of spending caps. The markets however were able to remain in positive territory for the week driven in part by positive news on April U.S industrial production and housing starts, both of which exceeded estimates. Retail sales were also up in April at 0.4% but fell slightly below expectations.