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  • The US Congress was not in session over the weekend (why would it be), so the government shutdown continues. Instead we were treated to the main protagonists racing each other around the TV studios, spinning like dervishes in their attempt to sell their side of the story.
  • Analogies from the past keep rising to the surface the cavalier way in which the economy is being treated is reminiscent of the TARP debacle. The politics has echoes of the UK miners' strike from the 1980s. These are not, it should be noted, terribly cheerful analogies.
  • The World Bank cut China's growth estimates, but is merely brining its forecasts into line with both economic reality and the market consensus. China should achieve a reasonable rate of growth this year the debate is about how it structures its growth with reforms in the future.
  • US consumer credit should make it out through the carnage of US politics (being a Fed produced data point), and is of some use in looking at quantitative policy. We have a few ECB speakers on the wires today, but nothing that is likely to move markets.

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