Fueled by rising virus cases, Treasury yields and equities move lower In a major risk-off move, both equities and rates have moved lower as stimulus stalemate continues.  Despite House Speaker Nancy Pelosi’s optimism, Democrats and the White House are still unable to compromise on the size and scope of the package.  The likelihood of a

The 10-year Treasury yield remains above 0.80% Despite this morning’s rally, the 10-year Treasury yield remains above 80 bps, sustained by hopes Congress can pass a stimulus bill by the end of the week.  House Speaker Nancy Pelosi remains optimistic and believes a bill will be passed before the November 3rd election, adding “it could

Rates continued to move higher as stimulus talks press forward  After dipping slightly earlier in the day, rates and equities turned higher after House Speaker Nancy Pelosi signaled Congress is close to a compromise. The White House raised their offer to $1.9 trillion from $1.8 trillion, closing in on the $2.2 trillion bill Democrats last

Rates hit four-month highs as stimulus hopes continue to drive markets  The 10-year Treasury yield closed 2 bps higher on Wednesday at 0.81% after hitting 0.836% earlier in the day, the highest level since June 9th.  The spread between the 2-year and 10-year yields at one point widened out to 68 bps, the widest it

Treasurys fall, rates rise as prospect of stimulus rises The White House and Congressional Democrats were unable to reach a compromise overnight , officially missing their Tuesday deadline.  According to Pelosi’s spokesman, she and Treasury Secretary Steven Mnuchin “moved closer” on a deal and have agreed to continue talks into Wednesday. Equities remained in the

Rates rise as Congress makes progress on stimulus package House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are working to meet their Tuesday evening deadline, scheduling to speak again today following their conversation yesterday.  According to Pelosi, Republicans and Democrats are stilling struggling to compromise on state and local funding, child care facilities, and

Equities are starting the session in the green as stimulus talks continue to drive the market After making some progress with the White House, House Speaker Nancy Pelosi set a Tuesday deadline for a compromise on a deal with Treasury Secretary Steven Mnuchin.  The pair last spoke Saturday night and plan to meet again today. 

Equities turned lower for a third consecutive day as stimulus negotiations continue After promising that Congress will pass a bill before the end of the year, House Speaker Nancy Pelosi scheduled another call with Treasury Secretary Steven Mnuchin.  Though major bipartisan disagreements remain, Mnuchin says the White House is willing to compromise on national virus

Bank earnings continue Large banks continue to report third quarter results today- Bank of America, Goldman Sachs and Wells Fargo all reporting better than expected credit provisions, with the usual noise coming from their trading businesses. JPMorgan noted yesterday that they don’t expect credit to normalize until the end of 2021 and commented that a

Stimulus talks continue to drive the market, pushing equities higher.  There continues to be a divergence of opinion on the size and scope of the next stimulus package, and markets are hoping for a bipartisan compromise.  Equities rose to a five-week high — the S&P 500 and DJIA closed 0.8% and 0.4% higher.  Treasury yields