Simon Ballard and Almaha Al Nuaimi of First Abu Dhabi Bank noted in a report that the U.S. government shutdown and the halt in official economic data releases are complicating and obscuring the outlook, potentially leading the Federal Reserve to pause rate cuts next month.

The analysts suggested that regardless of the strength of opposition from Governor Milan, the uncertainty caused by the government shutdown could reinforce the case for the Fed to stand pat in December.

Federal Reserve Chair Jerome Powell hinted during last week's press conference that another rate cut in December is not a foregone conclusion, following a widely anticipated 25-basis-point reduction.