Deutsche Bank Strategist: Debt Ceiling Is Top US Policy Risk

The signal here is less the debt ceiling itself than the source: a major bank strategist naming a known fiscal deadline as the top domestic policy risk. That framing matters because debt-ceiling standoffs are as much about political brinksmanship as about arithmetic, and markets tend to price that uncertainty well before the constraint binds. The open question is whether this becomes a recurring theme in strategist commentary as the Q2 window approaches, which would suggest positioning is starting to account for it.