The new trading week kicks off on a cautious note as the ongoing U.S. government shutdown continues to paralyze key statistical agencies. As a result, major economic data releases remain on hold. The Consumer Price Index (CPI) has already been officially postponed, and it now appears that the Producer Price Index (PPI) and the weekly jobless claims will also not be published as scheduled.
With the data blackout extending into this week, the market’s attention turns squarely to Federal Reserve Chair Jerome Powell, who is set to speak on Tuesday. Investors are hoping for insights into the Fed’s assessment of the current situation and any clues about future policy direction amid the growing uncertainty.
Today’s session is expected to be quiet, with a long weekend in the U.S. keeping trading volumes low. The bond market is closed for Columbus Day, while equities remain open, which could lead to thin liquidity and some choppy moves on Wall Street.
Traders are also watching for developments in U.S.-China trade tensions, after recent headlines suggested that former President Trump might ease tariff measures ahead of the November 1 deadline. U.S. futures are trading modestly higher, reflecting a degree of optimism that both sides could eventually find common ground.
Meanwhile, Canada also observes a public holiday, meaning North American trading will likely remain subdued early in the week. Over in Europe, the absence of major data releases points to another quiet session, leaving markets to drift on sentiment and positioning rather than fundamentals.
Overall, this is shaping up to be a week of patience and uncertainty, where political headlines and Powell’s upcoming remarks are set to guide the tone across global markets.
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