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“Don’t worry about failure; you only have to be right once.” – Drew Huston
Futures are mixed this morning as the S&P 500 is indicated to open marginally higher and the Nasdaq is looking to open lower. Interest rates are firmly lower at the front end of the curve and most commodities are lower. Bitcoin was flat for most of the night, but then saw a quick 3% rally right around 6 AM Eastern. The economic calendar is light today, but there are still plenty of earnings reports on deck for after the close.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
As the Fed begins its two-day policy meeting where it is widely expected to announce a tapering of its asset purchases, the long end of the treasury curve has remained extremely calm. While there was a bit of jump in yields in late September and into early October, the move higher ran out of steam right at its downtrend line and has now nearly made a roundtrip back to where it was to begin with.
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