Shutdown Leaves Fed Without Key Data as Job Weakness Deepens

A prolonged U.S. government shutdown has plunged the Federal Reserve into an unprecedented data vacuum, stripping policymakers of critical labor market insights ahead of a pivotal rate decision. Two consecutive monthly jobs reports have vanished from the Fed's toolkit, forcing reliance on fragmented private-sector indicators that paint an incomplete picture of employment trends.

The Bureau of Labor Statistics' operational freeze threatens to extend to October's consumer price index, compounding uncertainty about inflation trajectories. Divisions within the Fed intensify as doves argue for preemptive support against employment softening, while hawks maintain vigilance against stubborn price pressures.

Meanwhile, cryptocurrency legislation advances through Congress with unusual momentum, demonstrating Washington's capacity for selective productivity even as essential economic monitoring systems go dark. Private payroll data from ADP and similar providers offer mere snapshots, leaving analysts to wonder whether they're seeing statistical noise or the early tremors of a more severe labor market contraction.