The US government shutdown continues to drag on like a traffic jam in New York at rush hour, with no apparent ending in sight. Macroeconomic reports out of the US have been subsequently scarcer than Wi-Fi in the desert, but could this lack of data impact the tone of Fed Chair Powell’s communications at this week’s FOMC meeting? And what might it mean for the path of US rates in 2026?

In the meantime, US President Trump and Chinese President Xi will be meeting on Thursday in an attempt to hash out a trade deal. But, will we see a deal, another delay or a collapse in the negotiations? We also cast an eye on the outlook for the Argentine peso following the strong support for President Milei at the weekend’s midterm elections.

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