Relief, Spending Bill Gets Presidential Signature

On Sunday, President Trump signed the $2.3T spending and covid-relief bill into law. Equity markets are buoyed by the news and domestic markets are poised to open will into the green. Treasury prices are slightly lower on the news with the Ten-Year’s yield moving up to 96 basis points while the Long Bond sits at 1.70%. Crude oil is up about a half-dollar to $48.73 while gold is off about $7 to $1,876. Later this morning, the Dallas Fed is expected to report that its Manufacturing Index slipped this month to 10.2 from 12. Also later today, the Treasury will be selling $58B Two-Year notes and $59B Five-Year notes.