Strategy Conference Call

The Knowns and Unknowns of Crossing the X-date

| May 26, 2023

This document is intended for institutional investors and is not subject to all of the independence and disclosure standards applicable to debt research reports prepared for retail investors.

Thursday, May 25 at 10:00 am EDT

Past US debt ceiling showdowns have never crossed the X-date where the Treasury runs out of money to meet all federal obligations, and many market participants assume similar resolutions this time. However, this leaves the potential implications of a X-date breach relatively unexplored. The Treasury and the Fed have led exercises since 2011 imagining markets after an X-date. Some expected results from crossing the X-date are known but many remain unknown. In this context, market participants are starting to prepare for the ‘what if?

Please join us in this session for a discussion on the key themes and potential risks with our Santander speakers:

  • Stephen Stanley, Chief US Economist, SanCap, Santander CIB.
  • Steven Abrahams, Head of Investment Strategy, SanCap, Santander CIB.
  • Paul Murphy, Managing Director, US Rates Trader, SanCap, Santander CIB.
  • Mike Gilroy, Managing Director, Rates & FX Trading, SanCap, Santander CIB.

Link to recording is here.

Password: Fixedincome23

SCIB US Strategy Team
inquiries@apsec.com
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