CHICAGO, April 26 (Reuters) – A U.S. default is very unlikely, however negotiations across the debt ceiling are anticipated to be protracted, Daniel Ivascyn, chief funding officer at U.S. bond large Pacific Funding Administration Co (PIMCO), mentioned on Wednesday.
Talking at a Morningstar funding convention in Chicago, Ivascyn mentioned extended uncertainty across the U.S. debt ceiling could possibly be a headwind for the financial system, tightening credit score circumstances and rising the possibility of a recession.
Reporting by Davide Barbuscia; Modifying by Leslie Adler
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