Frankfurt, Germany - the United States investors think that politicians in Washington to resolve their partisan squabbles on the opportunity to raise the ceiling of the debt of the Government, although longer term concerns remain about when greater economy in the world is cut on its borrowings.
Democrats want to increase the debt ceiling, a move Republicans say is poorly designed without a commitment of expenditure reduction. To prove their point of view, House Republicans proposed as a Bill, which is not bad Tuesday.
Markets held their cool as traders saw through the posturing of the policy. Prices of US Treasury bills barely budged early Wednesday following the vote in the House of representatives 318-97.
Bond traders and analysts say that the idea that the dispute may prevent some way to the United States of the payment of its obligations is highly unlikely, even unimaginable.
The debate will likely persist through the summer, with the Republicans who control Congress demanding a commitment from reduction of expenditures of the administration of Obama in an agreement to raise the limit. The US Treasury said that unless the ceiling is raised by 2 August, Treasury would be forced to default or default of payment at the time, at least some of its obligations.
Beyond politics, there are concerns about longer term on the rise of the level of debt of the United States remain. Tuesday vote against raising the ceiling received a note reprimanded her official newspaper in China - the largest foreign holder of the debt of the Treasury with approximately $ 1.14 billion.
An opinion column published Wednesday on the Web site of the daily life of the people, has highlighted the consequences of the U.S. failing to raise the ceiling.
"If no agreement only comes out," the column said: "the United States will be sent to another financial crisis and the global economy would be against the prospect of another dim great recession." "".
"... "China is certainly concerned about the quagmire, as the guarantee of the debt is on the line," he said.
However, analysts said that the issue was not high on the radar screens of investors because most people thought that the United States would find a way out of this problem.
"We believe that the United States will pass the vote to increase the ceiling budget so we do not think that there will be structural consequences for Asia," said Dariusz Kowalczyk, Economist at Credit Agricole CIB. "But it is obvious that nervousness surrounding the vote and the heated political debate make extremely clearly Asian central banks that Treasury bills is not a such safe avenue to investor countries they use to think."
Kowalcyzk said China has reduced its American possessions of the Treasury for five months straight and will probably continue to do so.
In Russia, another holder of major debt of U.S., "people look at this as an interesting story, but nobody expected by default," said Alexey Moiseev, Economist, with a VTB Capital based in Moscow.
Marc Ostwald, strategist titles of the Monument in London, said traders were assuming not Roil pressure not bond markets would finally "bang heads together in Washington to obtain results.". He added, however, that the view was "complacent."
But for the moment, markets have been brought elsewhere. Foreign investors observe the reserve US Federal program to buy government bonds, which puts pressure on their prices upward. Asian central banks, remain at the same time, large buyers of bonds they seek to keep their currencies to rise against the dollar by buying U.S. debt.
Tuesday vote itself "was no big event, even if investors are aware of the importance of the debt ceiling, said Bjoern Jesch, officer of investment bank Deutsche Germany private wealth management firm Chief." Market calm "is justifiable because all market participants know that America cannot afford interruptions payment."
The Bank is advising private clients to move the Government obligations and set aside the money to buy stocks in the coming months, mainly due to the low yields of debt, not because of concerns about the debt ceiling.
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Chan has contributed to Hong Kong.
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