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

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If Joe Biden wins and Republicans keep control of the Senate, investors who wanted Donald Trump to go but wanted some of his policies to stay will have their cake and eat it, too. jbarro writes

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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