Investor Confidence High for Debt Ceiling Resolution Before X-Date

According to Bank of America's latest fund manager survey, 71% of investors expect a debt ceiling resolution before the "X-Date," despite Treasury Secretary Janet Yellen recently circling June 1 as the date the U.S. may no longer be able to pay its obligations. The U.S. debt ceiling was at the bottom of the top five tail risks facing markets, representing 8% of responses. The fear for investors is that the crisis isn't resolved by June 1 and therefore puts pressure on markets that are already worried about banking turmoil, sticky inflation, and the Federal Reserve's next decision on interest rates.