USD Up on Hopes that Vaccine will Reduce need for Fed Easing

Note  The table above is updated before publication with the latest consensus forecasts. However, the text charts are prepared ahead of time. Therefore there can be discrepancies between the forecasts given in the table above and in the text charts. 

Rates as of 0500 GMT

Election update

No change. Much talk about whether the Republicans are planning a coup, but much rebuttal of that talk as well, centered on the fact that Presidentelect Bidens lead is too big in too many states to manage it. It seems like all the fuss about recounts is theater being played out for several reasons 1 to comfort Trump, 2 to reinforce his image in the minds of his supporters that hes a winner; 3 to raise money to pay down the campaigns debts the first 8,000 of any donation to the stop the steal funds actually goes to a Trump political action committee and the Republican National Committee and 4 to prepare the way for a possible Trump run for president again in 2024. The US constitution limits a person to two terms in office, but they dont have to be consecutive. 

As for why other Republicans agree to go along with this charade, there appear to be two reasons 1 in the short term, they want Trump to help win the two Georgia senate races, which will determine the balance of power in the senate; and 2 in the long term, theyre afraid of what Trump might say about them sometime in the future.  

Meanwhile the US recorded more than 150,000 new cases of the virus, another record high. It…

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