US President Trump signed a bill ending the government shutdown, a situation that has become so commonplace that markets barely registered it. Democrats have united in opposition to confirming former Federal Reserve Governor Warsh as the next Fed chair until the administration’s legal pursuit of the Fed is resolved. This raises the prospect of Chair Powell remaining in his position beyond May, notes UBS Chief Economist Paul Donovan.

Government shutdown resolution impacts markets

“The failure of the US government to function properly is so commonplace that markets barely registered it.”

“Democrats have signaled a united opposition to confirming former Federal Reserve Governor Warsh as the next Fed chair, until the administration’s legal pursuit of the Fed is ended.”

“This was expected, but raises the prospect of Chair Powell staying on as FOMC chair (not Board of Governors chair) beyond May.”

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