This Week In The Economy: Debt Limit Compromise Likely, Housing Market Struggles Continue, EU Inflation Remains Elevated

Welcome to a regular snapshot-review of U.S. and international economic news that aims to 1) provide a window into the challenges and decisions facing businesses today, 2) determine the direction of economic policy — such as the speed at which central banks decide to raise interest rates, and 3) assess what the impact will be for consumers.

Debt Limit Talks Continue, Compromise Increasingly Likely

This week, President Joe Biden and Yesterday, we all agreed that both the House Speaker Kevin McCarthy designated senior members of their respective teams to negotiate an agreement to raise the debt ceiling and bridge the gaps on the differences.

“And — and I’ll be in constant contact with my team while I’m at the G7. And I’ll be in close touch with Speaker McCarthy and other leaders as well,” Biden told reporters.

The president cautioned that a deal is unlikely to be struck before he returns from the G7 summit in Japan, but he is cutting the rest of his…