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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

Updated 16 mins ago - World

U.S. releases report finding Saudi prince approved Khashoggi operation

Photo: Bandar Algaloud / Saudi Kingdom Council / Handout/Anadolu Agency via Getty Images

The Office of the Director of National Intelligence (ODNI) has released an unclassified report assessing that Saudi Crown Prince Mohammed bin Salman (MBS) approved the operation to "capture or kill" Washington Post journalist Jamal Khashoggi in 2018.

Driving the news: The White House also announced sanctions on entities implicated in the murder, though not on MBS directly. Officials also announced a new "Khashoggi ban" under which individuals accused of harassing journalists or dissidents outside their borders can be barred from entering the U.S.

About 20% of U.S. adults have received first vaccine dose, White House says

Joe Biden speaks during an event commemorating the 50 million COVID-19 vaccine shots. Photo: Doug Mills-Pool/Getty Images

Nearly 1 in 5 adults and nearly half of Americans 65 and older have received their first dose of the coronavirus vaccine, White House senior adviser Andy Slavitt said on Friday.

The big picture: The Biden administration has previously said it has secured enough doses to vaccinate most of the American population by the end of July.

Updated 57 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Most COVID-19 survivors can weather risk of reinfection, study says — "Twindemic" averted as flu reports plummet amid coronavirus crisis
  2. Vaccine: Employers mull COVID vaccine requirements — New data reignites the debate over coronavirus vaccine strategyPfizer begins study on 3rd vaccine dose as booster shot against new strains.
  3. Economy: What's really going on with the labor market.
  4. Local: All adult Minnesotans will likely be eligible for COVID-19 vaccine by summer — Another wealthy Florida community receives special access to COVID-19 vaccine.
  5. Sports: Poll weighs impact of athlete vaccination.