Shutdown risk is starting to leak into price action. Odds are nearing 80% into Jan 31, and markets aren’t treating this like political theatre anymore. It’s being read as a liquidity and visibility shock. When data flow pauses, Treasury ops slow, and fiscal clarity disappears at the same time, pricing risk gets messy. You can see it already across FX, rates, metals, and crypto. Not a crisis. Just another layer of noise on an already unstable macro tape.