Leonie McCann

Yeah, so essential functions, typically you would see those linked to national security and public safety will operate, but they will have a skeleton cruise.

So I suspect that's probably in protest that they can't do what they're meant to do with a skeleton crew.

Now, what does it impact?

Federal employees are furloughed.

Now, Trump is saying and threatening that he's looking to lay off employees.

Now, there are questions.

Actually fire them.

Actually fire them.

Exactly.

Now, there are questions whether legally he can do that.

The potential for government spending delays are possible for projects and procurement and things like that.

And you see data blackouts.

So, for example, the U.S.

jobs report that was due from the Bureau of Labor Statistics was due out last Friday.

That didn't come.

So they won't be out either if the shutdown is still there.

So you have some issues around some data blackouts during this period, which I think means that you'll see a bit more focus on private data during the period.

So we saw the ADP labor report come out last week, probably a bit more focus on that, given the US shutdown.

In terms of the market impact from shutdowns... Muted so far.

Yeah, so markets would typically look through shutdowns as any economic impact tends to be quite short-term and gets reversed.