Daily Market Commentary

August 11, 2020

Bonds
Treasuries extend bear-steepening on high volume starting at 8:20am ET, the historical starting time for defunct floor trading of futures, pushing 2s10s and 5s30s onto session wides. July PPI then beat expectations, adding to upward pressure on yields.

Economy
President Donald Trump said he's "very seriously" considering a capital gains tax cut, a move he decided against last September after saying it wouldn't do enough to help the middle class.

World
U.S. stock advanced after President Donald Trump said he's considering a tax cut on capital gains and American hospitalizations for Covid-19 fell to their lowest in a month.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy, or when to buy or sell.

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