Good Thursday AM,

Equity markets screaming higher yet again as markets and traders are feeling more comfortable with a balance of power in Congress. The White House will be what it will be and we may not know that outcome for quite some time. If someone said this could drag out through Thanksgiving, I would not be surprised. Bonds are doing well for the same reason. Balanced power likely means more controlled spending, less bond issuance, money in circulation and less inflation. All positive for bond yields. The improvement in yields over the last two days has the ten-year and the Mortgage Bonds at the top of their range and finding resistance. We typically lock the tops.

The Fed concludes their two-day FOMC meeting in a little more than an hour. Markets good move based on the verbiage of future Fed bond buying.

Unemployment claims were marginally higher than expected today.

Below are 5 headlines form the WSJ I thought I would share:

U.S. daily coronavirus cases top 100,000 for the first time. The nation recorded more than 102,800 new infections Wednesday and the seven-day average suggested cases continued to rise. There was also an uptick in hospitalizations. More than 52,000 people in the U.S. are now hospitalized due to Covid-19, the highest number since Aug. 6.

Please remain safe and healthy, make today great!