Daily Market Color December 11, 2020Equities Pare Losses After Congress Passes Last Minute Bill Equities pare losses after Congress passes a short-term spending bill Congress officials rushed to approve a last-minute one-week spending bill to avoid a government shutdown. Major indices ended mixed – the S&P 500 fell 0.1% while the DJIA rose 0.2%. Treasury yields and swap rates traded in a tight range – the 10-year UST yield closed 1 bp lower at 0.89%. US PPI rose only 0.1% last month The pace of producer price growth fell from October’s 0.3%, with November’s gain the smallest since April. Economists expect PPI levels to continue this slow trend upwards for the next few months. FDA advisory panel greenlights Pfizer vaccine The vaccine approval process is now in its last stage. The FDA is wrapping up its discussions and will likely conduct the final vote this week. Dr. Paul Offit, an FDA advisory committee member, added, “The FDA is probably going to approve it by Saturday and then the CDC is going to vote on Sunday so that by Monday the vaccine could be rolling out and being given to American citizens.” FX Friday The US dollar rebounded during Friday’s US trading sessions as hopes for a US stimulus deal continued to fade and escalated concerns about rising COVID-19 figures prompted investors to safety. The dollar index recovered most of its earlier losses on the day, hitting 90.966 at the time of this publication after touching an overnight low of 90.616.