The debt ceiling standoff in one chart

October 16, 2013

Via Bloomberg's Nicholas Johnston, above is a chart that sums up the last 10 days of the debt ceiling standoff. This is the interest rate prevailing in markets for U.S. Treasury bills maturing on Oct. 17--that is to say, tomorrow.

By the middle of last week, investors were shedding these bills, fearful that the debt ceiling would not be raised in time and they might not be repaid paid promptly. That fear peaked on Oct. 10, last Thursday. It eased over the weekend, and then those fears collapsed today as the path forward on the debt ceiling became clearer and the chance that the government won't be able to roll over maturing bills dissipated.

So, America wins, I guess?

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Ezra Klein | October 16, 2013