Dollar volume for healthcare deals announced in January was ridiculous, topping $90 billion. We don’t see figures like that in most quarters. The outsized total results from a single deal, of course. Bristol-Myers Squibb’s (NYSE: BMY) $74 billion acquisition of Celgene Corp. (NASDAQ: CELG) made up 81% of the month’s total. Suffice it to say we won’t see many (or any) more months like this.

The Hospital sector made a strong contribution, nearly $6 billion. The biggest deal wasn’t a domestic one, however. Australia’s second largest private hospital network, Healthscope Ltd. (ASX: HSO), was acquired by Brookfield Business Partners LP (NYSE: BBU) for approximately $4.1 billion. Two REITs are in line to buy the assets of 22 of Healthscope’s 43 hospitals. NorthWest Healthcare Properties REIT (TSX: NWH) has agreed to pay $920 million for 11 properties and Medical Properties Trust (NYSE: MPW) will pay $859 million for 11 others.

One factor that certainly changed investor optimism was the 35-day partial government shutdown that began on December 22. The lack of $5.7 billion for the President’s wall on the southern border hasn’t been resolved as we go to print, and the three-week negotiation period may not produce a solution Mr. Trump will accept. Despite the good economic news on job growth and the Federal Reserve’s more cautious approach to raising interest rates, some buyers may just sit out this quarter.