The 21st US government shutdown since 1976 is now underway. Shutdowns are usually considered “non-events” for financial markets but in a politically polarised environment with midterm elections next year, this one could have longer-lasting consequences.

In this short PERSPECTIVES Video our CIO Americas, Deepak Puri, discusses how this shutdown may play out, detailing why this time the US labour market may be the area of the economy most affected and advising investors to exercise caution.

 

Key topics covered in the video include:

  • The historical context 
  • The likely resolution scenarios
  • The potential economic impacts
  • The contrasting implications between and within asset classes

Click here to activate this content.

Recent special reports

CIO week upfront podcast

CIO Podcast

PERSPECTIVES Weekly podcast: September 29 – Countdown to a shutdown, and sticky inflation

In this week’s PERSPECTIVES podcast, the Private Bank’s Global Chief Investment Officer, Christian Nolting, notes that US legislators are nearing a deadline on a budget agreement, and a government shutdown is possible this week. Meanwhile, recent inflation data in the US showed that price rises remain above the Federal Reserve’s target. Christian discusses the implications for investors. Listen to learn more.

Sep 29, 2025

buy the dip hedge the deep

PERSPECTIVES Special

Buy the Dip or Hedge the Deep?

How far will the next market drop be? Uncertainty is possibly the only real constant in financial markets. In this report we compare and contrast the advantages and challenges of buying an asset when its value dips with those of holding the same asset and hedging it against large losses.

Sep 24, 2025

esg investment performance drivers and management desktop image

ESG

ESG investment performance: drivers and management

This PERSPECTIVES Special explores the nuances behind the numbers, showing that ESG performance depends heavily on how it's defined, implemented and measured. Read for more details today.

Sep 10, 2025

italian flag

PERSPECTIVES Special

Italy: moving forward

Italy’s economy has convincingly weathered the events of recent years and is now a relatively strong performer in a European context. This new PERSPECTIVES Special report considers the implications for the country’s future development and financial markets.

Aug 04, 2025

donald trump threatens higher tariffs desktop

PERSPECTIVES Memo

Donald Trump threatens higher tariffs for EU

Reports indicate that the U.S. is demanding unilateral tariff reductions from the EU, similar to concessions offered by other countries to the U.S. Go through this article for complete information.

May 23, 2025

alternatives and saa desktop

PERSPECTIVES Special

Alternatives & Strategic Asset Allocation

Alternative investments are an increasingly important asset class and have experienced robust growth over the past two decades. In this report, we look at the advantages and challenges of integrating them into a portfolio.

May 19, 2025

See more

In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S.

The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk.

No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive.

This web page is not an offer to buy a security or enter into any transaction. The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. Please consider the sales restrictions relating to the products or services in question for further information. Deutsche Bank does not give tax or legal advice; prospective investors should seek advice from their own tax advisers and/or lawyers before entering into any investment.

Change of name: As part of Deutsche Bank’s Private Bank, the former International Private Bank also adopted this title on July 20, 2023.