*If the U.S. government remains shut down, several of the scheduled economic releases listed below will be cancelled.
The U.S. government is in its 13th day of shutdown as Congress continues to fail America.
And that means the public U.S. data agencies will be canceling or delaying their economic reports.
"Some reports that would normally be published this week haven’t yet been compiled suggesting delays even following a shutdown resolution," said Citi's Peter D'Antonio.
"Going forward, some surveys may not take place, potentially creating permanent gaps in the data records for this period."
Meanwhile, the very scary debt ceiling is only days away.
Here's your Monday Scouting Report:
Top StoryThe Debt Ceiling: Unless Congress can finally put together a deal, the U.S. will hit the debt ceiling on Thursday, Oct. 17. At this point, the U.S. Treasury will no longer be able to borrow money by issuing bonds. And within weeks, its cash balance will be depleted as the government continues to pay its liabilities.
"Our own estimate implies that the Treasury could conceivably continue to make its scheduled payments until the end of October," said Goldman Sachs' Alec Phillips. "However, the Treasury’s cash balance is likely to be so low after about October 25 that, depending on revenue fluctuations, the cash balance could be depleted on any day."
"This would be a very rapidly spreading, fatal disease," warned Deutsche Bank CEO Anshu Jain saying that a U.S. debt default would be "utterly catastrophic."
Economic Calendar (*These releases will be delayed if the U.S. government is shut down.)
"The likelihood of a deal to lift the debt ceiling and end the shutdown before October 18th has increased, but only for a deal of limited scope and duration," said Deutsche Bank's David Bianco. "Such a deal is not the deal investors wished for and it will put the burden on 3Q earnings and macro data to push the S&P to 1750 or higher by yearend."
We have a "high stakes week ahead," he said.
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