Daily Market Color December 13, 2019Market Reacts Positively to UK Election and Phase-One Deal A phase-one U.S. China trade agreement looks within reach. Yesterday, President Trump has agreed to roll back existing tariff rates on Chinese goods and cancel the new levies that would have taken effect this Sunday. China’s state counsel information office will hold a press conference at 9:30 AM EST to provide commentary on the deal. The current 10-year Treasury yield is 1.866%. British Prime Minister Boris Johnson wins a decisive electoral majority in yesterday’s election. The Conservative party now has 364 seats in the UK. Parliament. Mr. Johnson has promised to spend billions of pounds of new infrastructure and improved health care and has also set a Brexit deadline of January 31st. Those election results, coupled with Christine Lagarde’s strong press conference yesterday, has helped Euro-area risk assets rise. The pound jumping to $1.3315 USD/GBP and the FTSE 250 Index reaching record highs. The UK’s 10-year government bond yields rose to 0.855%, the highest since mid-June. Day ahead. New York Fed President John Williams will speak at 11:00 AM EST. The House Judiciary Committee is also set to have a final vote against the articles of impeachment filed against President Trump when they reconvene this morning.