Deutsche Bank strategists argue that history suggests investors need not panic over Washington brinkmanship. In a note, Jim Reid highlighted that the S&P 500 has risen during each of the last six U.S. government shutdowns, including the prolonged closure that stretched from late 2018 into early 2019.

At the same time, 10-year Treasury yields fell in five of those six episodes, reflecting a flight to safety as investors rotated into government bonds:

• Markets usually look through the events

said DB, noting that shutdowns tend to cause more political noise than lasting economic or market damage.