"The lack of a stimulus package in the “lame duck” session of Congress has caused the Treasury yield curve to move a few basis points lower since the election. But, even as the economy weakens, near-term, don’t expect a test of that 52bps 10-year T-Note low. Upward pressure on the Treasury yield curve has now appeared, especially given the likely deficits in a Biden Administration and the adoption of MMT as a convenient excuse. At the same time, the protection of a large swath of corporate America by the Fed and the expected continuation of that policy under the incoming Administration will keep corporate spreads to Treasuries at record lows. The continuation of the unique phenomenon of higher volatility in Treasury yields than in the corporate world is likely."