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Republicans should be able to avert a shutdown - Nomura

Analysts at Nomura explained that although Congress is currently consumed by tax reform, the budget deadline of 8 December is rapidly approaching.

Key Quotes:

"In our opinion, the Republicans, given their high incentive as the controlling party, should be able to avert a shutdown. However, the risk for this round of fiscal negotiations is higher than usual. 

Separately, we believe that action on raising the debt limit, which will be reinstated on 8 December without needing to be immediately addressed, is likely to be postponed until Q1 2018. 

For now, we believe broader markets will take their cue from tax policy momentum vs pricing in any concern over the December deadlines with risk markets and rates grinding higher into month-end."

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