The US government shutdown is the latest in a long list of developments in 2025 that has injected heightened uncertainty into macro and markets. There are some known unknowns about how this will impact the economic data but there are also lots of unknown unknowns. In this episode, we will shed light on what it means for the economy, Fed, and bond market.

Participants:

• Jason Daw (Desk Strategy), Head of North American Rates Strategy
• Izaac Brook (Desk Strategy), US Rates Strategy
• Michael Reid (Economics), Senior US Economist

* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts