Daily Market Commentary

July 30, 2020

Treasury futures edge to highs of the day while curve extends flattening after first estimate of U.S. 2Q GDP was -32.9% vs. -34.5% median forecast. Futures volumes were anemic over the data as both rates and stocks offer little reaction. The dollar maintained a slight gain.

The U.S. economy suffered its sharpest downturn since at least the 1940s in the second quarter, highlighting how the pandemic has ravaged businesses across the country and left millions of Americans out of work.

President Donald Trump raised the notion of delaying the next U.S. election scheduled for November, suggesting without offering evidence that mail-in voting will be subject to fraud.

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