Bills Sought as Dashed Blue-Wave Hopes Cut Stimulus Prospect

Short-term coupons found support early Wednesday as investors locked in funding amid an undetermined U.S. election result and uncertain prospects for fiscal stimulus. The Treasury Borrowing Advisory Committee also recommented that bill issuance should decline as a percentage of outstanding debt.

• “We expect dealers to be determined to nail down their funding as early as possible on what could be a volatile day, which could result in slightly firmer levels than would be the case on a normal Wednesday,” according to a morning note from Lou Crandall, chief economist at Wrightson ICAP
• A split government with the Republicans continuing ...