The Department of Government Efficiency (DOGE), run by Elon Musk, has already put HUD programs under a microscope by leaving $12 billion of CMBS loans at risk. Also, it put federal office leases of private-sector buildings under suspected right-sizing.

These are examples of potential direct impact. As Josyana Joshua and Ethan Steinberg at Bloomberg pointed out, citing a Barclays Plc analysis, there might also be indirect effects on corporations.

“While the legality and duration of the actions to halt spending remain in question, the prevailing uncertainty is undeniable,” the Barclays analysts wrote. “For the time being, the administration’s ‘move fast and break things’ approach could present short-term risks to specific companies and sectors.”