Bond Traders Face Whirlwind Week That’s Make-or-Break for 2020
- U.S. elections on Nov. 3 are starting point of a busy stretch
- Treasury refunding, Fed meeting, October jobs data also ahead
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The world’s biggest bond market is about to enter a make-or-break week that goes well beyond the contentious battle for the White House.
The Nov. 3 elections loom large, with no guarantee that investors will know the winner that night, or which party will control Congress. But traders have much more to worry about, starting the very next morning. That’s when Treasury unveils its quarterly issuance plans, and there’s a risk of sharp yield swings given Wall Street dealers are split over whether debt sales will set another record high or remain at current levels. The Federal Reserve’s decision Thursday is almost the least of investors’ concerns, with no change foreseen. Friday’s release of monthly jobs data rounds out the week.