"Episodes of market dysfunction are not only likely to continue but to occur with increasing frequency" unless market-making capacity for Treasuries trading is increased or the U.S. halts the rapid build-up of its debt outstanding.

Biden should convene Cabinet leaders to address issues like Social Security, Medicare, and long-term care.

She sees risk of default as early as October, if Congress fails to act on a debt-limit hike when the two-year suspension ends on Saturday.

Inflationary pressures continue around the world, although at varying paces.