No, but stocks and bonds are down. Global equity markets are down and safe havens like gold and the Swiss Franc are up. Listen to what Stan Collender has to say on Bloomberg about the debt ceiling talks. He thinks the likelihood of a deal is less than many believe. But, now the bet on whether Congress is to approve increase in US debt ceiling to $15.1T or more before midnight ET 31 Jul 2011 is now down to 34% (hat tip Dave). So markets are clearly catching up to Collender’s view.