Treasury Secretary Janet Yellen is reaching out to U.S. business and financial leaders to explain the “catastrophic” impact a U.S. default on its debt would have on the U.S. and global economies, two sources familiar with the matter said on Monday. This comes as Yellen is calling CEOs personally to warn on US debt ceiling, sources say. The debt ceiling is the legal limit on how much the US can borrow to pay for its spending obligations, and the current limit is set to expire on October 18th. Yellen’s efforts highlight the potential impact of a default on the economy and the importance of raising the debt limit to avoid a crisis.

In other news, the FDA has approved the first pill containing human feces. The pill, called “Seraphex,” is designed to treat recurrent Clostridioides difficile infection, which can cause severe diarrhea and inflammation of the colon. The pill is made from fecal matter taken from healthy donors and processed to remove any harmful bacteria. This approval marks a significant step forward in the use of fecal microbiota transplantation (FMT) to treat a range of gastrointestinal disorders.

Meanwhile, Palantir Technologies said on Monday it expects to turn a profit every quarter in 2023, betting on interest “unlike anything we have seen” in its new artificial intelligence platform, sending its shares up about 20% in extended trading. This news comes as the demand for AI continues to rise, with companies seeking to leverage the technology to gain a competitive advantage.

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