Daily Market Commentary

October 23, 2020

Yields are higher on the week with the curve steeper after 5- to 30-year reached highest levels since June on Thursday, propelled mainly by expectations for fiscal stimulus after the Nov. 3 election.

According to economists surveyed by Bloomberg, the government is likely to report that GDP rose an annualized 30% in the third quarter - also a postwar record.

Prospects for a U.S. stimulus package passing Congress before the Nov. 3 election are fading fast as House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin dicker over the details of a nearly $2 trillion aid package.

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