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Source: Giphy

Welcome to Government Shutdown 2018, where the Art of the Deal seems to have been painted by Jackson Pollock. A quick rundown of how this affects financial markets:

  • The SEC "will remain open for a limited number of days during the federal government shutdown, fully staffed." But an SEC spokesman refused to say exactly how many days that was, apparently not believing that companies would like to know when their disclosure documents will stop being processed (starting an IPO road-show today? Good luck to you). EDGAR will remain online thanks to a third-party contractor but, again, no word on when that funding runs out.
  • The CFTC has furloughed around 90% of its 675-person staff, with a skeleton crew remaining "to police" derivatives markets (including for virtual currencies). Another 16 people in the whistleblower/consumer protection office will continue working. CFTC also can summon additional employees in the case of a financial emergency. During the 2013 shutdown, weekly options and futures reports were delayed until the government reopened.
  • The U.S. Treasury says that more than half of the IRS' 80,565 employees have been furloughed, just as they are working to handle the beginning of tax filing season and recent legislative changes. Around two-thirds of the 343 employees in the Financial Crimes Enforcement Network also have been sent home.
  • The Department of Labor likely will delay jobs reports (if past shutdowns are precedent), and things like the National Labor Relations Board will stop its work. Oh, and the EEOC will cease accepting inbound inquiries or conducting investigation.
  • Offshore drilling permits will be processed, but on-land applicants are out of luck.
  • Also expect delays in other economic reports, including on things like agriculture and housing.

Go deeper

Mike Allen, author of AM
2 hours ago - World

Courage vs. coddling with China

Peng Shuai of China serves during the China Open in Beijing in 2017. Photo: Andy Wong/AP

The women's professional tennis tour suspended tournaments in China Wednesday out of concern for Peng Shuai, on the same day that a top business voice made excuses for Beijing.

Why it matters: Ahead of February's Winter Olympics in Beijing, some sports figures are taking on the regime — while Big Business shrinks from confrontation with the world's second-largest economy.

2 hours ago - Sports

What to know about the first MLB lockout since 1995

Illustration: Shoshana Gordon/Axios

Hope you enjoyed the recent flurry of free-agent activity, because it's likely the last non-lockout-related MLB news for a while.

Driving the news: The owners locked out the players after the collective bargaining agreement expired at midnight last night, leading to MLB's ninth work stoppage — and first since 1995.

Biden extends mask mandates for travelers into 2022

President Biden delivers remarks at the White House on Dec. 1. Photo: Anna Moneymaker via Getty Images

President Biden will announce new testing protocols for international travelers on Thursday and extend masking requirements through March as the U.S. prepares to fight the Omicron variant this winter, according to senior administration officials.

Driving the news: The U.S. will tighten pre-departure testing protocols starting early next week by requiring all inbound international travelers to take COVID-19 tests within one day of their departure rather than three.