Business this week

Janet Yellen, America’s treasury secretary, gave her strongest warning yet on the potential consequences of not raising the federal debt limit, saying it would be “catastrophic”. The Treasury estimates that it will run out of money by October 18th unless the ceiling is increased to allow the government to continue borrowing. Even with a stopgap resolution to avoid a government shutdown, the issue of lifting the debt limit still remains. Ms Yellen said the uncertainty was eroding investor confidence.