BlockBeats News, September 29: The U.S. Bureau of Labor Statistics released a government shutdown contingency plan, which will suspend all operations during the government shutdown and will not release economic data.
Currently, U.S. lawmakers are leaning towards forcing a federal government shutdown, which may prevent policymakers, business leaders, and investors from accessing crucial data needed to assess the U.S. economic situation. Stephen Stanley, Chief Economist for Amherst Pierpont Securities, stated that the next Fed meeting is scheduled for October 28-29, and without the latest government data, it will be difficult to justify another rate cut.
Some officials have already expressed caution and are hoping to see more data. Neil Bradley, Chief Policy Officer at the U.S. Chamber of Commerce, stated that a government shutdown will not push the U.S. economy into a recession, but it will come at a cost and add to the uncertainty that businesses and industry leaders are already dealing with. (FXStreet)
