On today's podcast:
1) Congress blew past a midnight funding deadline, triggering the US government’s first shutdown in nearly seven years — and the third under President Trump. The White House’s budget office ordered agencies to begin executing their plans for a funding lapse, shuttering the government aside from essential duties, disrupting the jobs of hundreds of thousands of Americans and upending many public services.
2) The Congressional Budget Office estimates that about 750,000 employees will be furloughed at a cost per day of $400 million in lost compensation. President Trump has also threatened to use the shutdown to fire federal workers, but agency plans for the lapse in funding didn’t specify any measures for terminations. With key economic reports on hold, traders fear the loss of visibility will leave markets in the dark on the outlook for monetary policy. The immediate reports at risk are Thursday’s weekly jobless claims and the October 3rd release of September’s nonfarm payrolls.
3) The White House pulled the nomination of EJ Antoni to lead the Bureau of Labor Statistics, throwing the leadership of the critical data agency into further disarray after President Trump fired the former commissioner. A White House official said that the administration looked forward to nominating a new candidate soon. Antoni was slated to appear before a Senate committee for a confirmation hearing for the BLS commissioner role, which is the only political appointee in an agency of roughly 2,000 people.
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