While Congress still needs to pass the debt limit agreement, the debate in the market has shifted to the need for the US Treasury Department (UST) to rapidly rebuild its depleted cash levels.

US equities have been performing well of late, with the S&P 500 trading at its best levels since last summer, and the tech-heavy Nasdaq having rallied to its highest in just over a year. Despite this, much has been made of the narrow breadth indices have been exhibiting, as well as the outperformance of US markets compared to DM peers, though markets continue to shrug off the plethora of bearish arguments for now.