Core Points - The Labor Department is preparing for a potential government shutdown, which would lead to a suspension of operations and a significant impact on economic data releases [1][2] - The Bureau of Labor Statistics (BLS) will halt all operations, meaning scheduled economic data releases will not occur during the shutdown [2] - Key reports that may be affected include the monthly nonfarm payrolls report and the initial jobless claims report, both critical for assessing job growth trends [2] - The consumer price index, a vital inflation indicator, is scheduled for release on October 15, which is the last reading before the Federal Reserve's meeting on October 28-29 [3]

Core Point - The U.S. Bureau of Labor Statistics (BLS) will suspend all operations and will not release economic data in the event of a government shutdown [1] Group 1 - The BLS is responsible for providing key economic data, which will be halted during a government shutdown [1]

早间，国际金价开盘走高。 | < W | 伦敦金现 | | | | | Q | | --- | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | | | 3769.599 "E | | | 3758.780 | 总量 | | 0 | | +10.819 | +0.29% 开盘 | | 3756.152 | 即年 | | 0 | | 最高价 | 3770.990 | 特 仓 | 0 | 外 盘 | | 0 | | 最低价 | 3755.662 | 度 仓 | 0 | 内 雷 | | 0 | | 分时 | 五目 | EK | 周Ｋ | EK | 明多 | | | 膏加 | | | | 均价:0.000 | | | | 0.990 | | | | | 0.32% 卖一 3769.817 | | | | | | | | *- 3769.599 | | | | | | | | 7:42 3769.510 7:42 3769.540 | | | 3758 780 | | | | 0.00% | | | | | | | | | 7:42 376 ...

Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC 28 September 2025 | 8:01PM EDT Economics Research US Daily: Q&A on the Potential Government Shutdown (Phillips/Walker) Alec Phillips +1(202)637-3746 | alec.phillips@gs.com Goldman Sachs & Co. LLC David Mericle +1(212)357-2619 | david.mericle@gs.com Goldman Sachs & Co. LLC Ronnie Walker +1(917)343-4543 | ronnie.walker@gs.com Goldman Sachs & Co. LLC Manuel Abecasis +1(212)902-8357 | manuel.abecasis@gs.com Goldman Sachs & Co. LLC Elsie Pe ...

Core Points - The White House has instructed federal agencies to prepare layoff plans due to a budget impasse between the U.S. government and Congressional Democrats, indicating that the upcoming government shutdown could be unprecedented [1][2] - The Office of Management and Budget (OMB) has requested agencies to identify projects that will face funding interruptions if Congress fails to reach an agreement by September 30, with a focus on projects lacking alternative funding sources [1] - The current political divide centers around the Affordable Care Act, with Democrats wanting to maintain enhanced subsidies for low-income groups, while Republicans view these as welfare expansion [2][3] Group 1 - The OMB has not provided emergency plans for agencies, which is a departure from past practices where some federal employees were deemed "essential" and continued working during shutdowns [1] - Federal employees are experiencing widespread panic and uncertainty regarding their employment status during the potential shutdown, with many expressing feelings of fear and confusion [2] - A large-scale layoff of federal employees could have broader economic implications, potentially delaying the release of key economic data and complicating monetary policy decisions [2] Group 2 - The risk of a government shutdown is considered more severe at the current economic juncture than during periods of full economic operation [3] - As of now, Congress has not reached any consensus on fiscal appropriations for the upcoming 2026 fiscal year, which begins on October 1 [3]

Core Viewpoint - The upcoming jobs report from the Bureau of Labor Statistics may be delayed if Congress fails to reach a funding agreement by the specified deadline [1] Group 1 - The jobs report is scheduled for release on Friday [1] - The release of the jobs report is contingent upon Congress reaching a funding agreement by Tuesday night [1]

Group 1 - The risk of a government shutdown in the U.S. has surged to 76%, with potential economic growth impact of 0.15% per week of shutdown, totaling 0.45% for three weeks [1] - Approximately 4 million middle-class families may face additional monthly healthcare costs of $200-$500 if subsidies from the Affordable Care Act are cut off [1] - Low-income groups could see emergency room out-of-pocket costs rise by 40% and reimbursement for chronic illness medications halved due to proposed cuts [1] Group 2 - Key economic indicators such as the non-farm payroll report and CPI data will be unavailable due to the government shutdown, creating a data vacuum for the markets [3] - Historical data shows that a previous 51-day data blackout led to a 3% drop in the S&P 500 and significant liquidity issues in the bond market [3] Group 3 - The 2018-2019 shutdown saw 420,000 federal employees working without pay and 380,000 on forced leave, leading to significant disruptions in services like tax processing and passport issuance [5] - The current situation mirrors past shutdowns, with potential delays in tax refunds and public services [5] Group 4 - The budget dispute is a political struggle between parties, with a temporary funding bill passed under strict conditions that have been criticized as politically motivated [7] - The Senate Democrats hold significant power to block any legislation, intensifying the political standoff [8] Group 5 - Since 1976, the U.S. has experienced 21 shutdowns, resulting in over $22 billion in economic losses [10] - The national debt continues to grow at an alarming rate of $10 billion per day, highlighting the disconnect between political actions and fiscal responsibility [10]

Core Viewpoint - The U.S. federal government is facing a shutdown crisis as funding is set to run out on September 30, which could lead to the suspension of operations for several government agencies and unpaid leave for hundreds of thousands of federal employees [1][2]. Group 1: Government Shutdown Implications - If the government shuts down, the release of key economic reports, including the September employment report scheduled for October 3 and the inflation report on October 15, may be delayed, impacting the Federal Reserve's policy decisions [1][2][3]. - The Bureau of Labor Statistics (BLS) plans to halt all data collection and scheduled releases during a shutdown, which could lead to a decline in data quality and affect future economic estimates [3][4]. Group 2: Political Dynamics - The Senate recently rejected a temporary funding bill passed by the House, increasing the risk of a government shutdown due to a lack of bipartisan agreement on funding priorities, particularly regarding healthcare [2][5]. - A meeting between President Trump and congressional leaders is scheduled to discuss the impending shutdown, marking the first direct engagement between Trump and Democratic leaders on this issue [5][6]. Group 3: Historical Context - The U.S. government has experienced shutdowns over 20 times in history, with the longest occurring from late 2018 to early 2019, which resulted in significant economic losses estimated at $11 billion [6]. - The previous shutdown led to a 0.1% loss in GDP for Q4 2018 and a potential 0.2% loss for Q1 2019, highlighting the economic ramifications of government shutdowns [6].

Tariffs - President Trump announced new tariffs, including a 100% tariff on branded or patented pharmaceuticals and a 25% tariff on imported heavy trucks, both effective October 1st [2][3] - A 50% tariff will be imposed on kitchen cabinets and bathroom vanities, and a 30% tariff on upholstered furniture, also starting October 1st [3] - Section 232 investigations into imports of robotics, industrial machinery, and medical devices were announced, which may lead to additional tariffs [4] Impact on Agriculture - The trade war has negatively affected American farmers, particularly with a decline in Chinese purchases of American soybeans [5] - A mechanism is being developed to transfer some tariff revenues to American farmers, though details are still to be determined [5][6] Government Shutdown - A government shutdown appears increasingly likely, with no serious negotiations between parties, potentially leading to the first full shutdown since 2013 [7][10] - If a shutdown occurs, it will delay jobs data, company certifications, and federal payments, with the travel industry projected to lose $1 billion weekly [9][10] - The potential for massive federal layoffs could impact hundreds of thousands of workers, although specific numbers are unclear [9][10] Market Reactions - The market has shown resilience despite the looming shutdown and tariff announcements, with some sectors, particularly drug stocks, performing well [11][15] - Investors are becoming accustomed to the tariff situation, with some companies using tariffs as a pricing strategy, leading to increased prices for consumers [17][19] - The impact of tariffs on consumer spending is expected to become more pronounced in upcoming quarters, particularly affecting lower-end consumers [21][22]

Group 1: Intel's Performance - Intel's stock surged by 8.87% following reports of discussions with TSMC regarding investment or manufacturing collaboration [1][2] - Prior to the recent interest from the U.S. government, Intel had already been in contact with Apple and TSMC [2] - The previous trading day saw Intel's stock increase by 6.41% [2] Group 2: Tesla's Market Challenges - Tesla's stock fell by 4.38%, marking its largest single-day decline in two months [2] - In August, Tesla's new car registrations in the EU dropped by nearly 37%, while BYD's registrations increased by 201% [2] - Tesla's market share in the EU has been surpassed by BYD for the second consecutive month [2] Group 3: Broader Market Trends - Major U.S. stock indices experienced declines, with the Dow Jones down 0.38%, Nasdaq down 0.5%, and S&P 500 down 0.5% [1] - Other large tech stocks showed mixed results, with Apple up 1.81% and Nvidia up 0.41%, while Google, Microsoft, and Amazon saw declines [2] - The Nasdaq Golden Dragon China Index rose by 0.42%, indicating mixed performance among Chinese concept stocks [2]