In overnight market action, US Treasuries are loving the downsized US fiscal stimulus proposal (from 1 trillion USD to 500 billion USD). At 0.65 the 10y is down 7bps for the week. Bunds should be supported too as European coronavirus case growth continues to rise gradually in Europe. Give it a week or so and European case growth will have overtaken US case growth. But while infections in Europe have started to rise since mid-July, fatalities have remained low, averaging just 78 a day this month, down from 93 in July.
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