This week, a cacophonous hubbub is overwhelming America’s airwaves. For with the debt ceiling deadline approaching, almost every pundit and politician worth their salt has been expressing views on what could – or should – happen next.

There is, however, one notable exception: the mighty Federal Reserve and Treasury. In recent weeks, senior officials at both institutions have warned in general terms about the risks of failing to raise the debt ceiling. They have also tried to reassure investors that this risk is small.

But what neither institution has yet done is clearly explain to the financial community what it will do if there is no debt ceiling deal by August 2, or US Treasury bonds are downgraded. And while this reticence is understandable (after all, nobody yet wants to admit this might happen), it is fuelling the sense of anxiety. “They are not saying anything, even in private,” the head of one of the most powerful Wall Street groups confessed this week, who like others, feels “in the dark.”