US government shutdown to continue as Senate remains adamant

Tave ended a 34-day partial government shutdown by providing an array of agencies the funds they need to operate through Feb. 8.

Even as voting continued, enough senators had voted against the measure to ensure it would fall short of the 60 votes needed to limit debate and advance in the 100-member chamber.

The measure aimed to buy time for Congress and President Donald Trump to negotiate border security funding while returning hundreds of thousands of federal workers to their jobs.

Earlier on Thursday, the Senate blocked legislation backed by Trump that would have ended the record-long shutdown, while funding the wall he wants to build on the U.S.-Mexico border.

Meanwhile, JPMorgan (JPM) Asset & Wealth Management CEO Mary Callahan Erdoes, says she’s confident the government shutdown will get resolved, but the length of the shutdown nevertheless concerns her.

“This will solve itself. We will get back to normal. The problem is the longevity of this one,” Erdoes said in an interview with Yahoo Finance’s Editor-in-Chief Andy Serwer at the World Economic Forum in Davos, Switzerland. “You can think about short-term government delays as short-term problems that get rectified quickly. The longer it goes, you’re not going to make that up in the economy.”

The US government shutdown, now in its 34th day, is the longest on record. But it’s just one item on the “laundry list” of “moving pieces,” from Brexit to U.S.-China trade tensions that could weigh on the markets, according to Erdoes.

She added that days like the market selloff on December 24 are “difficult” and days like December 26 are “great days” for people who are “brave enough” to go into the markets. That said, she emphasized that timing the markets is a difficult thing to do.

Erdoes, whose unit oversees more than $2 trillion in assets, sees an opportunity to allocate a portion of a portfolio to emerging markets. She emphasized that this would be a long-term play.