I noticed something interesting about the American political timeline. In February, Trump resolved that government shutdown in just 4 days by signing the budget law on February 3, 2026. Nothing extraordinary, we would say, except that this is the second time during his second term that it happens—and much faster than the 43 days of his first term.

The figures are meaningful: 78% of federal operations were blocked, thousands of employees were on leave, but essential services like Previdenza Sociale and national security did not stop. The vote in the House was extremely close, 217-214, with some Democrats supporting the agreement. The bipartisan compromise was entirely focused on immigration and DHS—a central topic for Trump during his second term.

What struck me the most? The fact that most federal agencies are funded through the end of September 2026, but DHS only until February 13. That means the government already knows there will be another budget deadline soon—another opportunity for tense negotiations on immigration and enforcement.

Markets took it well at the time, especially crypto. Reducing political uncertainty usually helps. But the real test comes when Trump’s second term ends—or rather, during these years of his term, every time these temporary budgets expire. When Trump’s second term ends, we’ll have a clearer view of how much this immigration agenda has actually influenced the economy.

For now, the government has returned to normal operations. But anyone who follows US politics knows these budget rounds will continue to be battlegrounds for Trump’s priorities. It’s interesting to observe how every budget crisis becomes a moment where the priorities of Trump’s second term solidify. I’ll be watching to see what happens in April, when things could move again.