Bottom Line: There's a strong consensus that this fall's fiscal showdown will result in a compromise agreement, but a deal may be harder to get than markets anticipate. Have pity on the U.S. fisca…

Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn discusses what the U.S. budget agreement means for global markets.

Bottom Line: The October U.S. budget agreement provides a short respite, with a new spending showdown likely in January. Although the debt limit extension may last until the summer, the costs of our …