Trump cuts funding bill, pushing US toward shutdown

President-elect Donald Trump sank a bill to fund the US government beyond this week’s deadline, raising the likelihood of a shutdown. Trump wants lawmakers to include an increase in the debt ceiling in the package and threatened to oust other Republicans if they accepted legislation that did not include his demands. He also called for a “streamlined” bill compared to the latest proposal that includes $100 billion in disaster relief, farm aid and additional child care funding. If the measure fails, the government could see a partial shutdown as early as Saturday. But if the legislation passes, it would kick off the next funding battle until mid-March, when the newly elected 119th Congress can enact more permanent federal funding.—Balázs Penz

Bank of Japan refrained from raising rates, and Governor Kazuo Ueda said policymakers need more information before raising again. The dovish tone extended the yen’s losses against the dollar, past the key 155 level. The BOJ governor said the big picture on wages will be clearer in March or April and it may take time to understand the full impact of Trump’s policies.