The Stock Market Loves the Idea of McConnell Blocking Biden’s Plans

Just don’t expect anything to happen. Photo: Tom Williams/CQ-Roll Call,Inc. Stocks are up hugely today, and that makes a certain amount of sense: As the election-results picture has become more clear, investors see they are likely to get a Democratic president and a Republican-controlled Senate, which is favorable to them in a lot of ways.

That said, the bond market is sending a different signal about a different part of the economy. Yields on ten-year Treasury bonds spiked as the earliest returns came in, when there were higher odds of a Democratic sweep, and then sank as Biden tanked in Florida and a contested election outcome became more likely. The prospect of all-Democratic control had bond investors expecting a huge surge of government borrowing to finance another round of economic stimulus and coronavirus relief.

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