The Sunday announcement that Congressional leaders have reached agreement on a $900B covid-relief package should mean that it will be voted on sometime today. The plan will be part of a $1.4T spending bill that should fund the government through the remainder of its fiscal year ending September 30th. Highlights of the relief plan include one-time stimulus payments of $600 to most Americans and also $300 per week of enhanced unemployment benefits through March.
Disquieting news of a viral resurgence in the United Kingdom has resulted in British leaders prohibiting Christmas gatherings and holiday travel while it also bans travel with many of its European neighbors. Reports of a new strain of the covid-19 virus spreading through Great Britain have also added to this morning’s negative tone.
Domestically, equity markets are trading substantially lower while Treasury bond prices rally, The Ten-Year’s yield is down to around 89 basis points with the Long Bond around 1.63%. The Two-Year sits at 11 basis points. Crude oil has slipped almost $2 to $47.38 with gold slipping around $8 so far, to $1,873.