Daily Market Color November 27, 2020Rates Fall During Holiday-Shortened Session Treasurys and stocks both rise in holiday-shortened session Equity markets rose on the day after Thanksgiving, extending this month’s stunning rally while swap rates and Treasury yields fell 2-5 basis points across the curve on low volume. Today’s gains bring global stocks one day closer to the best month on record, a rally originally kicked off by a series of COVID-19 vaccine breakthroughs.Despite the strong risk-on move in equity markets, rates have remained fairly rangebound since breaking higher earlier this month, held down perhaps by the continued spread of the virus. Today’s move pulled the 10-year Treasury yield lower to 0.84%, still within the same 10bp range the benchmark has occupied since early November. Holiday shopping season gets underway Black Friday kicks off the always crucial holiday shopping season for retailers. Despite the notable absence of the usual crowds, this Black Friday could be the best year ever for holiday retail sales as much of the shopping shifts to online venues. With the presidential election and many of 2020’s market catalysts in the rear view mirror, retail sales will be an area of increased focus as markets look for evidence of a rebound in the U.S. economy.