Daily Market Commentary

October 23, 2020

Bonds
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.

Economy
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.

World
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.

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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