Treasury Yields Say the Reflation Trade Is Intact
Financial markets are moving on the assumption that Georgia has turned blue.
Is infrastructure week finally coming?
Photographer: Scott Olson/Getty Images
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It’s election night in America once more. As I write, just after midnight on the East Coast of the U.S., Democratic candidate Raphael Warnock appears likely to defeat incumbent Republican Senator Kelly Loeffler, while the other Republican incumbent, David Perdue, has a lead of about 1,000 votes over his Democratic opponent Jon Ossoff, with ballots from mostly democratic counties still to be counted. Virtually every forecaster in sight is predicting Democratic victories in both — although there is a strong chance that there will need to be a mandatory recount in the Ossoff-Perdue race. Financial markets are moving on the assumption that the Democrats have indeed won, which would mean they will control the Senate via the casting vote of future Vice President Kamala Harris.