Brian Chappatta, Columnist

Bond Traders Crave Clarity. It's Not Here Yet.

U.S. Treasuries quickly priced in a prolonged outcome that won’t be easily unwound.

November 4, 2020 at 2:24 PM UTC

Brian Chappatta is managing editor of Bloomberg News' leveraged finance and distressed debt teams. He was previously managing editor and team leader of its wealth group. Before that he was a Bloomberg Opinion markets and finance columnist and a bonds reporter for Bloomberg News.

The long haul.
Photographer: Jeenah Moon/Bloomberg

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Two things happened around 9:30 p.m. New York time on Tuesday as U.S. election results came pouring in:

Predictably, the second move received more attention, even though Betfair is a sliver of the size of the world’s biggest bond market. After all, it seemed to reflect a dramatic shift that expressly captured bettors’ views on who would come out ahead in the presidential election. U.S. equities even began rallying in tandem with Trump’s improving odds after previously soaring on the expectation that Democrat Joe Biden would emerge victorious and usher in a “blue wave.”