The deal may be done, but the US will live with the consequences of the debt showdown for some time in the form of profit warnings, economic uncertainty and the enduring disgust of international investors, writes Stephen Foley.
Larry Fink, chief executive of BlackRock, the fund manager, said investors abroad were “disappointed and concerned” by politicians’ willingness to countenance a debt default.
“The fact that the narrative in Washington is even about whether we extend our debt ceiling is just not acceptable,” Mr Fink said. “If you are a debtor nation, your job is to make sure your creditors like you. Even with a deal to avoid a default, the?damage has been done and the result will be a slowdown in economic growth.”
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