Pre-Election Stimulus Deal Looks Unlikely

House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin are reportedly still trying to hammer out a fiscal stimulus package that could be put to a vote before election day, but that prospect appears more and more unlikely. Treasury prices are little changed in early trading with the Ten-Year yielding around 86 basis points and the Long Bond at 1.67%. As yields on longer-dated issues have moved up through the week, the short end has done little and the Two-Year remains pretty steady at around 15 basis points. Crude oil is little changed at just shy of $41 while gold has rallied about $8 to $1,912. A little later this morning, Markit U.S. will release its PMI’s for Manufacturing and Services.