Even with no macroeconomic data scheduled for publication today, markets participants still have plenty of variables to consider. The dispute between the Treasury and the Fed about what to do with untapped funds from various pandemic-related support programs remains unresolved. A resurgence in COVID cases has caused somewhat of a resurgence in partial lockdown measures across the country, policy-makers are still balking on fiscal stimulus, and we’re still not sure when, or if, the Presidential election will ever end.
So, it’s not surprising that the Treasury market is just treading water so far today. Yields are little changed from yesterday with the Ten-Year around 83 basis points, the Long Bond at 1.55%, and the Two-Year back down to around 15 basis points. Crude oil is up slightly to $42 with gold holding steady at $1,867. There’s not any ground-breaking vaccine news today and equities are heading toward a mildly weak opening.