The longest government shutdown in US history ended last night when President Trump signed the short-term funding bill passed by Congress.
The legislation keeps the government open at least until January 30, but the battle over healthcare subsidies still looms. The other big question for markets and Fed policymakers alike is when and if delayed government economic data will be released. The White House press secretary said late yesterday that October CPI and jobs data “are likely never to be released,” but everyone is waiting on final confirmation from the agencies themselves (BLS, BEA, etc.). Treasury yields are up 2-3 basis points to start the day, and US equity futures are modestly lower ahead of the open.
Jason Haley
Chief Investment Officer
| Date | Event | Survey | Actual | Prior |
| 11/13/2025 | List of US Economic Indicators Delayed by Government Shutdown | |||
| 11/13/2025 | Jobless Claims Report Delayed by Government Shutdown | |||
| 11/13/2025 | CPI Report Delayed by Government Shutdown | |||
| 11/13/2025 | Real Avg Earnings Report Delayed by Government Shutdown | |||
| 11/13/2025 | Federal Budget Balance | -$238.6b | — | -$257.5b |
| 11/14/2025 | Retail Sales Advance MoM | -0.20% | — | — |
| 11/14/2025 | Retail Sales Ex Auto MoM | 0.30% | — | — |
| 11/14/2025 | Retail Sales Ex Auto and Gas | 0.40% | — | — |
| 11/14/2025 | Retail Sales Control Group | 0.30% | — | — |
| 11/14/2025 | PPI Final Demand MoM | 0.20% | — | — |
| 11/14/2025 | PPI Ex Food and Energy MoM | 0.30% | — | — |
| 11/14/2025 | PPI Ex Food, Energy, Trade MoM | — | — | — |
| 11/14/2025 | PPI Final Demand YoY | 2.50% | — | — |
| 11/14/2025 | PPI Ex Food and Energy YoY | 2.60% | — | — |
| 11/14/2025 | PPI Ex Food, Energy, Trade YoY | — | — | — |
| 11/14/2025 | Business Inventories | 0.20% | — | — |
| 11/17/2025 | Empire Manufacturing | 7.6 | — | 10.7 |
| 11/18/2025 | ADP Weekly Employment Preliminary Estimate | |||
| 11/18/2025 | Import Price Index MoM | — | — | — |
| 11/18/2025 | Import Price Index ex Petroleum MoM | — | — | — |
| 11/18/2025 | Import Price Index YoY | — | — | — |
| 11/18/2025 | Export Price Index MoM | — | — | — |
| 11/18/2025 | Export Price Index YoY | — | — | — |
| 11/18/2025 | New York Fed Services Business Activity | — | — | -23.6 |
| 11/18/2025 | Industrial Production MoM | 0.00% | — | — |
| 11/18/2025 | Manufacturing (SIC) Production | 0.10% | — | — |
| 11/18/2025 | Capacity Utilization | 77.30% | — | — |
| 11/18/2025 | NAHB Housing Market Index | — | — | 37 |
| 11/18/2025 | Total Net TIC Flows | — | — | — |
| 11/18/2025 | Net Long-term TIC Flows | — | — | — |
| 11/19/2025 | MBA Mortgage Applications | — | — | 0.60% |
| 11/19/2025 | Housing Starts | — | — | 1307k |
| 11/19/2025 | Building Permits | — | — | — |
| 11/19/2025 | Housing Starts MoM | — | — | — |
| 11/19/2025 | Building Permits MoM | — | — | — |
| 11/19/2025 | FOMC Meeting Minutes | — | — | — |
| 11/20/2025 | Initial Jobless Claims | — | — | — |
| 11/20/2025 | Initial Claims 4-Wk Moving Avg | — | — | — |
| 11/20/2025 | Continuing Claims | — | — | — |
| 11/20/2025 | Philadelphia Fed Business Outlook | 2 | — | -12.8 |
| 11/20/2025 | Leading Index | -0.30% | — | — |
| 11/20/2025 | Existing Home Sales | 4.08m | — | 4.06m |
| 11/20/2025 | Existing Home Sales MoM | 0.40% | — | 1.50% |
| 11/20/2025 | Kansas City Fed Manf. Activity | — | — | 6 |