President Joe Biden and top congressional Republican Kevin McCarthy appeared to be closing in on an agreement ahead of a June 1 deadline that would raise the government's $31.4 trillion debt ceiling for two years. The increase in personal consumption expenditures (PCE) raised expectations the Federal Reserve will hike interest rates again in either June or July. data showed stronger-than-expected consumer spending in April. The MSCI world equity index, which tracks shares in 49 nations, gained 1.09% but was still down 0.51% on the week. government's debt ceiling with the deadline looming. Treasury yields climbed as investors rethought how long interest rates were likely to keep rising.ĭemocratic and Republican negotiators were still struggling to reach a deal to raise the U.S. Wall Street's main indexes rose and European shares logged their largest one-day gain in two months on Friday as talks on raising the U.S.
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