![Markets Break Through the Debt Ceiling](/sites/default/files/styles/large/public/2023-06/June%206%20GBaR-Inflation%20and%20Recession%20Duality_0.jpg?itok=vbaxm6sH)
Andrew Harmstone, Jim Caron
A debt ceiling deal that is likely to lead to fiscal tightening has long-term risks. However, defensive positioning or "waiting" for a recession can be costly. In such an environment, we believe it is better to be balanced than defensive.