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Analysis: The 1-year U.S. credit default swaps have approached the highest levels since 2023, and the risk of U.S. government default has risen.
On June 1, according to analysis from The Kobeissi Letter, the 1-year U.S. credit default swap (CDS) has recently risen to 52 basis points, close to the highest level since 2023. Excluding the debt ceiling crisis of 2023, the cost of insurance against U.S. government default is at its highest level in 12 years. Moreover, this year, the outstanding amount of U.S. credit default swaps has increased by about 1 billion dollars, reaching 3.9 billion dollars, the second highest level since 2014. Currently, investors are increasingly concerned about the continuously rising deficit of the U.S. government. The U.S. reached its statutory borrowing limit in January and took "extraordinary measures" to avoid default. Analysis points out that the debt ceiling crisis has never been truly resolved, and the risk of U.S. government default is rising.