Last week was a busy one on the economic front, but several reports were not released due to the government shutdown. As such, I will report on expectations, but we won’t know how the actual data has come in until the government reopens. Where possible, I will comment on anything we do know.

I wrote about the big-picture effects of the government shutdown the other day, which are likely to be longer term. As it continues, though, the shorter-term effects continue to pile up. As such, it is time to take a look at what the shutdown means now and over the next month or so.

Economic questions come in cycles. Recently, with the relatively hawkish tone of the Fed and the turmoil in Washington, DC, economic worries have spiked again, and the velocity of money has become a hot topic. I last touched on this in early 2017. It has been one of the most viewed posts since then, so clearly it is time for an update.

With the failure of the Brexit vote and the ongoing U.S. government shutdown, we find ourselves in a state of politics as unusual. Let’s take a closer look at each to see what I mean.

Should we care about the Brexit vote? In a word, yes. What happens in the vote today matters to us as both U.S. citizens and, especially, investors. It will help determine what the future of the world economy looks like, and it could potentially shake up the global financial system.

Last week was a busy one on the economic front, as we started the new year and covered a wide range of economic activity. This week’s data starts with prices and whether inflation is picking up.

We’ve been talking all week about the economy, the markets, and the risks therein. But looking back on these posts, there seems to be a glaring hole: the government shutdown.

That absence wasn’t an accident. In the longer term, which is how investors should look at things, the current government shutdown very likely won’t matter. As such, it hasn’t warranted a discussion. The shutdown will last until it’s over. Then, we will move on, just as we have done with past shutdowns.

Market risks come in three flavors: recession risk, economic shock risk, and risks within the market itself. So, what do these risks look like for January? Let’s take a closer look at the numbers.

Despite last month’s political and market turmoil, the economic news remained solid if somewhat mixed. Both consumer and business confidence pulled back a bit but remained at healthy levels overall. Hiring rebounded strongly after weak results last month. This rebound should help maintain consumer and business confidence going forward, despite the December pullbacks. Finally, longer-term interest rates, which had been a concern after Fed rate hikes and hawkish commentary, also moderated.

As I do every month, it’s time to take a look back at what happened in the previous one and what it could mean going forward. We have a lot to cover.