Almost like clockwork, the US government is hurtling toward a shutdown as Congressional leaders bicker over funding priorities.
While most of the standoffs end with eleventh-hour agreements, enough have led to disruptions in the federal bureaucracy that Wall Street investors have to at least consider the implications for US financial markets.
The main macro implications lie in the labor market and predictions for the path of interest rates. The Trump administration is threatening mass firings of federal workers, rather than furloughing them, which would send jobless claims rising when employment already looks fragile. And government data would go dark, starting with Friday’s planned jobs report, right as the economic picture looks more muddled than normal.
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