Talk about the US debt ceiling is starting to heat up. US Treasury Secretary Janet Yellen urged Congress on Thursday to raise its debt ceiling, warning that a US default would produce an “economic and financial catastrophe” that would trigger a global economic downturn and risk undermining the country’s ability to provide global leadership.

So what is the debt ceiling? could we default? and might former President Donald Trump have the best negotiating tactics?!

We also discuss US inflation after the April CPI report saw the headline figure drop below 5% for the first time in two years, and we take a look at why major investment banks have changed their tune on the prospects for the British Pound.

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MM112: Is the US heading for an 'economic and financial catastrophe'?! 44:57 Share

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MM112: Is the US heading for an 'economic and financial catastrophe'?!