Greetings,
United States: Consumer sentiment is grinding higher.
Eurozone: Eurozone sovereign yields have been drifting lower.
Emerging Markets: The black-market Argentine peso discount to the official exchange rate continues to widen.
Demand for US dollars keeps climbing.
Equities: Increased retail activity boosted demand for low-price stocks.
Credit: Implied volatility in Treasuries remains elevated relative to stocks ahead of the election. The bet is that Democrats will increase spending sharply via another massive stimulus bill. That’s good for stocks but not for bonds.
Food For Thought: Joe Biden’s proposed spending initiatives:
Edited by Daniel Moskovits
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