President Trump was impeached by the House of Representatives for an historic second time yesterday for "inciting an insurrection"; and then Mitch McConnell announced he won't allow a Senate trial to occur until after 20 January when Trump has left office. So nearly a week remains. We have already seen a belated presidential video condemning mob violence; the cancellation of a planned high level official visit to Taiwan; a trio of Chinese tech firms freed from the risk of being delisted in the US; and a region-wide ban on cotton and tomatoes from Xinjiang province over forced labour allegations. (The UK and Canada acted similarly, but more mildly this week over the same issue.)
Yield-curve confusion continues in an unrelated but equally sound-and-fury fashion. US 10s were over 1.18% on Tuesday but then dropped back to nearly 1.07% despite a US inflation print marginally stronger than expected, with energy prices up sharply. The Fed's Beige Book also noted almost all districts reporting modest price increases - but input prices outpaced those of selling prices, compressing firms' profit margins.