Macro Briefing: 25 May 2023

* Risk is rising for no deal on debt ceiling over long holiday weekend
* Default might not stop US Treasuries from trading
* Fitch puts US credit rating on rating watch negative due to “political partisanship”
* Yields surge for soon-to-mature Treasury bills due to debt-ceiling risk
* Federal Reserve officials divided over rate hikes, minutes reveal
* Threats to the global banking system have eased
* Global investment in solar energy set to overtake equivalent for oil production
* Meta continues brutal round of layoffs
* Buying a US home is cheaper than renting in just 4 cities
* Germany slips into recession after revised Q1 GDP reflects 0.3% decline:

Japan stock market continues to reflect bullish trend as the country’s equities market recovers from decades of weakness. “In my 33 years in the market, things do seem probably more positive now than they’ve seemed at any time in that whole period,” says Jeffrey Atherton, an investment manager at Man GLG, a subsidiary of hedge fund firm Man Group. “It’s not based on hype.”