TechFlow news, on October 29, according to ZeroHedge, Charlie McElligott, Managing Director at Nomura and Cross-Asset Macro Strategist for the Americas, warned in a recent report that markets have excessively hedged for the assumption of Trump and the Republican Party winning both chambers of Congress in the upcoming election. This could lead to an outcome where Harris performs better than expected, resulting in an election deadlock—and triggering reversals across various asset classes. This risk comes as markets face heavy U.S. Treasury issuance in the early part of the federal government's FY2025, including $70 billion in 5-year Treasuries, $69 billion in 2-year Treasuries, and $44 billion in 7-year Treasuries, alongside key data releases such as the JOLTS report on job openings, the Treasury's latest refunding announcement, personal consumption expenditures (PCE), non-farm payrolls (NFP), the U.S. presidential election day, and the November FOMC meeting by the Federal Reserve.
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