Shutdown Showdown: USA on standby

The government shutdown that began on October 1, 2025, marks the 15th since 1981—but this time, things are different. At the core are not only the usual budget battles but also the threat of permanent layoffs affecting up to 750,000 federal employees and the future of healthcare coverage for millions of Americans.

While capital markets have historically shrugged off such crises, questions remain: How will the Federal Reserve navigate without key economic data? Which sectors will be most impacted? And why could this crisis have long-term consequences for the attractiveness of U.S. assets? These recurring political deadlocks send a worrying signal about the growing dysfunction in the American system.