Vital Statistics:
| Last | Change | |
| S&P futures | 3577 | -2.6 |
| Oil (WTI) | 41.53 | -0.31 |
| 10 year government bond yield | 0.85% | |
| 30 year fixed rate mortgage | 2.84% |
Stocks are flattish this morning on no real news. Bonds and MBS are flat.
The CFPB will get more aggressive under a Biden Administration. Payday lenders will be the focus again, as will servicers. I expect the bureau will also pursue a lot of fair lending cases. Given that there is a time lag to develop cases, the fair lending ones may take a while.
The Index of Leading Economic Indicators rose 0.7% last month, an indication that the economy continues to improve.
Steve Mnuchin has decided to let many emergency Fed lending programs expire at the end of the year. The Fed would like to keep them. I am sure the first order of business in Biden Administration will be to re-institute them.
Chuck Schumer says that he and Mitch McConnell have agreed to resume negotiations over a COVID stimulus bill. “Last night, they’ve agreed to sit down and the staffs are going to sit down today or tomorrow to try to begin to see if we can get a real good Covid relief bill,” the minority leader said during a news conference in New York. “So there’s been a little bit of a breakthrough in that McConnell’s folks are finally sitting down and talking to us.”
The Daily Tearsheet 