Like a shot in the arm
US 10-year yields are up 7.5 bps to 1.467%, near a session high.
Naturally, a three-month view to a vaccine date is creating a real sense of excitement in the US (and jealousy elsewhere). A three-month wait until ‘back to normal’ sounds like a great deal right now, especially with the fiscal taps wide open.
But it’s raising questions about the monetary taps and the market hasn’t been satisfied with the answers from Brainard, Daly and Barkin so far. We get Bostic (1700 GMT) and Evans (1800 GMT) along with the Beige Book today.
S&P 500 futures have erased their gains and are down 0.1%.