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“the most important election that has taken place since the adoption of the federal constitution.” – Pittsfield Sun, 1813
The media and politicians have literally been telling us for centuries that “this election” is the most important of our lifetimes, and they’re at it again with Georgia. Given the implications for control of the Senate, this election is important in some respects, but if you really think it’s the most important election of your lifetime, we suggest you find a hobby.
Futures have been trading on either side of the flat-line this morning and are currently on the south side of unchanged. After the opening bell, we’ll finally start to get some important economic data with the ISM Manufacturing report at 10 AM Eastern. Economists are expecting a modest decline from last month’s reading of 57.5, but still a level well above 50 (56.5).
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, economic data out of Europe, an update on the latest national and international COVID trends, and much more
Whether it’s the most important election of our lifetimes or not, today’s run-off Senate elections in Georgia probably are the most important elections taking place today, and the race is extremely close. According to the website, electionbettingodds.com, Republicans are slightly favored to hold on to the Senate with 53% odds. As for the individual races, Republican Senator Perdue is slightly favored to retain his seat, while the current incumbent Republican Kelly Loeffler is a relatively sizable underdog against Democratic challenger Raphael Warnock. Given the closeness of both races, though, it entirely likely that tomorrow morning at this time we won’t know who will have control of the Senate in the upcoming session of Congress.