The federal government shut down last night, furloughing hundreds of thousands of employees and shuttering hundreds of programs and services.

Futures were off sharply overnight but have since recovered much of their losses.

continued for members…

The DXY slid slightly against the yen and the euro.

And, oil and gas both lost some steam.

So, again, the market is doing the Fed’s work for it.

The betting markets suggest the shutdown could last about two weeks, which would carve a significant chunk of activity out of Q4 GDP.

Stay tuned…