Subject: Re: Grantham: In which stage are we?
'My far bigger concern is the debt ceiling and the performance caucus, which could throw the bond market and stocks into chaos. And probably will.'

The reality is that the debt ceiling is more likely to cause a shortage of treasury new issuance, causing rates to be temporarily depressed. As the debt authorization approaches the ceiling, the Treasury is forced to run down their TGA "general account" while no new treasury debt can be sold. This has happened a few times before and the result is lower rates when it is happening.

Of all the things to worry about, the debt ceiling is not typically a useful one to worry on.