The wrangling on Capitol Hill is not over yet.
As expected, some right-wing Republicans have voiced their opposition to the deal to raise the U.S. debt ceiling. A crucial first test will come on Tuesday, when the House Rules Committee takes up the bill, in a necessary first step before a vote in the full House.
If approved, the deal would remove the prospect of the world's largest economy defaulting. That would in turn allow markets to return their attention to inflation and monetary policy. This Friday's jobs data for May will be closely watched for signs of what the U.S. Federal Reserve might do next. Any more tightening may start to have a real effect on the economy later this year, making it even more difficult for U.S. small and medium companies to borrow money. Consumers are also keeping a tighter rein on their purse strings, fearing the effects of soaring inflation.Technology always seems the answer.
With Tesla's Elon Musk bound for China this week, maybe that could offer some fresh trading ideas, above the macro fray.Correction: This article has been updated to correct the spelling of Nvidia's name.
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