The political stalemate in the U.S. may spur a fresh round of quantitative easing from central banks around the globe, Morgan Stanley said.
Many global policy makers likely now have a "strong impression" that the world remains risky, especially given uncertainty over the U.S. budget policy in the near term and structural challenges in emerging markets in the medium and longer term, said Joachim Fels, chief international economist at Morgan Stanley, in a note after the IMF/World Bank annual meeting in Washington, DC.
"This, together with the advent of a Yellen Fed that remains accommodative for longer, could well pave the way for another round of global monetary easing over the next few weeks and months as emerging market central banks will be able to roll back some of their defensive tightening measures and some developed market central banks may try to nurture their recoveries," Fels said.
(Read more: Bernanke likelier to boost QE than to taper: SocGen)
Some are expecting the quantitative easing taps to keep running in the U.S. amid the shutdown. "Markets at the moment are taking the view that the U.S. Fed stands behind the government. So if this fiscal problem continues, the market view is that the pumps will keep running, the money will keep flowing into the global system," Michael McCarthy, chief market strategist at CMC Markets, told CNBC.