Why this portfolio manager is glad to see 10-year Treasury rates at their current level

Phil Camporeale, J.P. Morgan Asset Management, joins 'Closing Bell' to discuss why there is another tailwind after election uncertainty is removed and what his company is concerned about on Election Day. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

“Investors’ interest in bidding up domestic equities and selling Treasuries could simply be a reflection of pricing out a long, drawn out process – regardless of who ultimately occupies the White House in 2021,” Ian Lyngen, BMO’s head of U.S. rates, said in a note on Tuesday.

Biden holds at least narrow leads over Trump in the six 2020 election swing states of Arizona, Florida, Michigan, North Carolina, Pennsylvania and Wisconsin, according to a CNBC/Change Research poll.

According to the U.S. Elections Project, a full day before the election, more than 94 million votes had already been cast. This exceeded or neared the total voting levels in the 2016 election.

“Our conviction remains high that a relatively quick process that delivers known election results will clear the path for a breach of the 95.5 bp support in 10s, with a challenge of 1.0% to follow in short order,” Lyngen said.

Traders will also be watching out for data from the U.S. economic optimism index, as a measure of consumer confidence. Factory orders from September, another indicator of economic health, will also be released on Tuesday. Both sets of data are due out at 12 p.m. ET.

Auctions will be held on Tuesday for $34 billion worth of 52-week bills, $30 billion of 119-day bills and $30 billion of 42-day bills.

» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast

Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

https://www.cnbc.com/select/best-credit-cards/

#CNBC
#CNBCTV