At the time of this writing there were no prices yet in UST Treasury yields, which rose strongly most of October before giving up some of the increase late last week. 10y and 30y yields appear to be bottoming out at technical levels, setting the stage for further increases. S&P 500 futures are at a record-high following remarks by US Commerce Secretary Ross that tariffs on EU cars and parts probably won’t be necessary. That fits in the narrative of Trump & Co ending the trade warmongering (for now) ahead of the elections next year. That, and Trump will have to spend more and more time and energy and the impeachment inquiry. Note that Ross also sounded upbeat on talks with China (duh) despite Chinese state media reiterating Beijing’s demand that all tariffs need to be removed before a deal can be struck.

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