Trump Invokes Delay on Further Stimulus Negotiations

Just moments ago, the President announced that he has instructed his negotiation team to end its efforts to hammer out the next fiscal stimulus deal until after the election. The news has caught market participants by surprise and has pushed Treasury prices up significantly. Prior to the announcement, the Ten-Year was yielding around 78 basis points and that has fallen to around 0.72%. The rally that equity markets were enjoying has quickly reversed itself. Earlier in the day, Chairman Powell in a speech to business economists, had once again called for the need for further stimulus to avoid future economic weakness.