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Business & Finance

US debt prices plunge after fiscal deal

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By Muhammad Iqbal
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trea34LONDON: US Treasury note futures plunged on Wednesday after US lawmakers approved a deal preventing a round of automatic fiscal tightening that could have pushed the world's top economy into recession.

 

The Republican-controlled House of Representatives approved a bill that will raise taxes on top US earners, avoiding a 'fiscal cliff' of $600 billion in broad-based tax hikes and spending cuts.

 

T-note futures were last 25/32 lower at 132 in European trade.

 

Center>Copyright Reuters, 2013

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