Editor’s Note
In the event of a U.S. government shutdown, the Bureau of Labor Statistics will suspend all operations, including the collection and release of key economic data. This could delay vital statistics and impact market and policy decisions.
If the U.S. government shuts down, the Bureau of Labor Statistics (BLS) “will suspend all operations,” including the active collection and release of data.
The Labor Department released a contingency plan for a funding lapse, stating: “Economic data scheduled for release during a funding hiatus will not be released, and the release of economic data may be delayed if the funding hiatus is prolonged. If a technical failure occurs during a funding hiatus, the BLS website will not be updated or repaired.”
The Labor Department document added: “A decline in the quality of collected data could affect the quality of future estimates.”
The likelihood of a federal government shutdown appeared to increase on Monday after top Democrats and Republicans met with President Trump at the White House.
The meeting took place less than two days before a shutdown would begin, due to an impasse on a funding deal. Democratic attendees, House Minority Leader Hakeem Jeffries and Senate Minority Leader Chuck Schumer, similarly indicated that significant differences remain.
Switzerland has proposed investing in the U.S. gold refining industry in an attempt to persuade the Trump administration to lower the 39% import tariff imposed last month.
This tariff, the highest among all developed nations, has already impacted Swiss exports to the U.S. and dampened the country’s growth expectations. After Swiss Federal President Karin Keller-Sutter failed to sway Donald Trump on the tariff issue, Swiss officials are now considering concessions in areas ranging from energy to agriculture.
The proposal presented to U.S. Treasury Secretary Scott Bessent and Trade Representative Jamison Greer indicates that Swiss refiners plan to relocate their lowest-margin operations to the U.S., including melting down London-market gold bars and recasting them into the smaller sizes preferred by the New York market.
New York Federal Reserve Bank President John Williams stated that inflation risks have receded while risks related to employment have increased.
Fed policymakers decided earlier this month to lower the benchmark interest rate, marking the first cut of 2025. However, officials are divided on the optimal policy path for the coming months.
Federal Reserve Governor Stephen Milan may still hope to convince his colleagues that there is a case for significant interest rate cuts in the economy.
But on Wall Street, he has found little support.
In his first major policy speech, Milan argued that the Trump administration’s policies on trade, immigration, taxes, and regulation have significantly lowered the interest rate level needed to guard against inflation.
