Morning Bid: Fears of 6% and US debt jam

News Snapshot:

A look at the day ahead in U.S. and global markets from Mike Dolan World markets are finally bracing for accidents as the U.S. debt ceiling impasse threatens to empty U.S. government coffers as soon as next week, but a return of 6% policy interest rates to the risk radar is just as jarring. Fear of a technical default on Treasury bills without a bipartisan agreement in Washington to lift the debt limit by June 1 is causing ever more ructions at the short end of the debt market. Tuesday's $35 billion auction of 21-day cash management bills that cover...