Historic Shutdown Ends; Fed Left Blind Without Data as Congress Presses Forward
Congress passed a bill to end the 43-day US government shutdown, but the Federal Reserve lacks crucial economic data for its December meeting.Summary
Congress approved legislation to end the record-breaking 43-day US government shutdown, which caused widespread disruption, including flight cancellations, halted food aid, and losses for federal contractors. The compromise bill faced opposition, notably from Nancy Pelosi, over proposed cuts to Medicaid and Medicare. With the government reopening, federal agencies will resume normal operations, accelerating regulatory work at bodies like the SEC and CFTC, potentially speeding up ETF approvals. However, a significant lingering issue is the data blackout during the shutdown; the Federal Reserve will approach its December meeting without critical October jobs and inflation data, forcing it to proceed cautiously, likely favoring maintaining or cutting interest rates.
(Source：BeInCrypto)