What does a data-dependent Fed do when the data isn't available? In this month's episode of the Market Observatory, Sam and I discuss how the government shutdown is affecting the central bank and investors, including:
October 14, 2025
What does a data-dependent Fed do when the data isn't available? In this month's episode of the Market Observatory, Sam and I discuss how the government shutdown is affecting the central bank and investors, including:
October 2, 2025
As of midnight Tuesday, the U.S. government shut down, as lawmakers couldn’t reach an agreement on a short-term bill to continue funding government expenditures. Currently, none of the 12 appropriations bills have been passed. This is the first shutdown since December 2018. There is certainly a human element to consider, as many government workers will be furloughed and others will continue to work without pay. Benefit payments and tax collections will continue.
October 2, 2025
September was another positive month for markets, as the S&P 500, Dow, and Nasdaq set new record highs. The international story was similar, with developed and emerging markets gaining for the month. Short-term interest rates also fell in September, as the Fed resumed cutting rates at its mid-month meeting. Markets anticipate one or two additional rate cuts by year-end.
