Forgot to hit send, Morning 11-13

  US 10 year yields right smack in the middle of this week’s range Lows .79 highs .97 currently .88.  earlier this week it appeared that a break above 1% was inevitable due to vaccine euphoria and now that has subsided. Weak Poxvirus cases on rise yields appear more likely to test lows then break out higher. PPI today a soft proxy for commodity demand likely to show more dis inflation then Inflation.30-year yields traded to a high 1.76% this week currently 1.665

  Market barometers Spoos +.68 Nasdaq +.6% Russell higher as well +.7% hmmm   and treasuries higher, Even European bank index +.6%. So, no rotation Out or into Nasdaq nor Russell Dollar steady A “QE type” trade to markets as all assets are higher Gold, Copper Silver   Oil though off 1%. Fed QE or asset purchases are the only game in town for foreseeable future. The Federal Reserve’s balance sheet rose by 0.3% to $7.18 trillion in the past week From @LizAnnSonders No surprise here but @Gallup poll shows if given another $1,200 stimulus payment from government, Americans would be much more willing to spend more during this upcoming holiday season—an increase from 16% (without a check) to 22%

 Not much Good news for economy over night per IFR “An Oxford Economics broad index of the recovery, including economic, social and health data, ‘is reeling,’ said Gregory Daco, chief U.S. economist at Oxford Economics, declining for its fourth straight week and now back to midsummer levels largely on the basis of eroding health conditions. Local indicators fell in 47 states.”

 Election saga Continues Arizona has been called for Biden 3 networks have joined the AP and Fox news, Biden lead 15k automatic recount only occurs if candidates are less than 200 votes apart. President Xi of China congratulated the president elect.  Per NY times    BREAKING: The law firm alleging voter fraud in PA on behalf of the Trump campaign has RESIGNED NYT

 ECB stimulus comments this morning  Rehn “ key ECB decision is what stimulus tools to use”  Muller” says Ultra-Cheap loans are the way to go” ECB deGos “Inflation in coming quarters may be lower than forecast” Euro Little changed to higher  as I type. And “ECB to discuss intensity of asset purchases”

 Calendar:  PPI, U of Michigan, Feds Bullard at 7:30

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