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U.S. President Joe Biden addresses the International Association of Fire Fighters' (IAFF) 2023 Legislative Conference in Washington, U.S., March 6, 2023. REUTERS/Leah Millis
The cost of insuring exposure to U.S. government debt dropped on Friday as U.S. President Joe Biden and top congressional Republican Kevin McCarthy were closing in on a deal that would raise the U.S. debt ceiling.
The 6-month credit default swap dropped 13 basis points from Thursday's close to 212 basis points, data from S&P Global Market Intelligence showed.
The one-year credit default swap dropped 9 basis points, while the most commonly used five-year credit default swap was down one basis point, the data showed. (Reporting by Yoruk Bahceli; Editing by Amanda Cooper)
