Daily Market Commentary

October 22, 2020

Bonds
The message from the bond market after the latest brief leap in yields is clear: The Federal Reserve is standing by to prevent an alarming increase in rates, no matter how much debt the Treasury sells amid the pandemic.

Economy
The number of Americans filing for unemployment benefits fell for the third time in four weeks, suggesting the labor market is still gradually recovering while remaining far from its pre-pandemic health.

World
"There is increasingly a recognition that no fiscal package agreement ahead of the election is likely," said James McCormick, NatWest Markets. "The Covid-19 resurgence is certainly a background issue for risk assets, but the fiscal debate in the U.S. has been the main short-term question."

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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