Daily Market Color January 20, 2021Rates Rangebound After 46th Presidential Inauguration Rates end the day little changed after President Joe Biden’s inauguration Joe Biden was sworn in earlier this afternoon as the 46th President of the United States. Major equity indices rose in anticipation of the first executive actions of the new administration – the S&P 500 and DJIA closing 1.4% and 0.8% higher, respectively. Treasury yields and swap rates traded in a tight range throughout the day – the 10-year UST yield closed 1 bp lower at 1.08%. US virus-related fatalities top 400,000 National virus infections are nearing 25 million, with approximately 200,000 new cases per day. During his inauguration speech today, President Biden highlighted the severity of the spread, commenting “we are entering what may well be the toughest and deadliest period of the virus.” His first executive order, the “100 Days Masking Challenge,” requires the use of a face mask on federal property. President Biden’s $1.9 trillion stimulus plan may face pushback from Congress Republican senators continue to express their reservations against another spending bill, with Mitt Romney most recently commenting he is “not looking for a new program in the immediate future.” Senator Lisa Murkowski echoed Romney’s comments, adding the proposed bill will require “a fair amount of debate and consideration.” Bank earnings season continues with Morgan Stanley reporting today The bank beat earnings estimates, reporting a 51% increase in profit to $3.39 billion. Its revenue of $13.64 billion was over $2 billion above the $11.54 billion estimate.