The bad news is that investors chased the market on “hopes” for further stimulus and a “Biden” victory during the upcoming election. There is a reasonable probability that one or both of those outcomes will not occur.
Overall, this was a solid - if hardly stellar - auction, one which took advantage of the recent concession, and sets the stage for a peaceful 30Y auction to close out the coupon week tomorrow.
"Beyond bringing additional subscribers onto the platform, increased velocity of dedicated content production will deliver several knock-on benefits spread across your existing base including elevated engagement, lower churn, and increased pricing power."
In addition to discussing the need for fiscal stimulus, uncertainties ahead, and rates not going anywhere any time soon, markets will pay particular attention to any remarks on the Fed's QE purchases.
Congress and the public are being 'gaslit' by the Fed... Relying on elected officials, the public is unwilling or unable to question Fed logic. Meanwhile, we sense that something is wrong...
... Enactment of another $25bn in airline aid looks increasingly likely.... but a standalone bill to authorize another round of stimulus payments to individuals is unlikely.
"(The halt in stimulus talks) is unlikely to be the catalyst for a significant sell-off as most market participants were not anticipating that a deal will be reached ahead of the election anyway."
...financialization is, ultimately, the national descent into zero coherence and zero rationality. It is in fact, the breakdown of society its self. It is the Road to Zero...
It pays today to never underestimate the venality of the people who think they run the world. It also pays to listen to them when they say the most outrageous things...
Senior editor, Ash Bennington, joins Tony Greer, editor of the Morning Navigator, to examine the latest wild market swings. Despite a large selling episode on…
"I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business."
