24th June 2021 Morning Report

US stocks traded in a tight range yesterday on the back of lower treasury rates. The S&P500 was supported by increases in Financial and retail stocks , while the NASDAQ Composite reached a new record on the back of a strong Tesla rally.  

 Dallas Fed President Robert Kaplan said that the Federal Reserve’s tapering of its asset purchases would commence earlier than most people expected, and he thinks there will be rate hike in 2022.  

Janet Yellen said yesterday the treasury department may run out of measures as early as August to avoid breaching the debt limit unless Congress acts to avert a potential catastrophic default. Unless the debt limit is raised or suspended the Treasury will not be able to borrow more funds to cover government expenses and the government could default on maturing debt repayments. 

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