The markets’ response to the debt ceiling showdown in Washington has so far been muted. Bond traders seem convinced that a deal will be done before August 2 to raise the US government’s borrowing limit and end the risk of an imminent default. With the deadline now just days away, and talks still deadlocked, that view may change at any moment. The calm in markets could vanish.
对于华盛顿正在上演的美国债务上限“摊牌”，市场反应迄今是低调的。债券交易员们似乎确信，各方将在8月2日前达成协议，提高美国政府的债务上限，化解火烧眉毛的违约风险。在距离最后期限只剩下几天、而谈判仍僵持不下之际，人们随时可能改变这种看法。市场的平静可能告终。
In the meantime, the fact that US bond yields have not spiked – yet – does not mean the debt ceiling impasse is harmless. The risk of financial dislocation is affecting decisions and doing real damage.
与此同时，美国债券收益率尚未飙升这个事实，并不意味着债务上限僵局是无害的。金融错位的风险已经在影响人们的决策，造成切实的损害。