Morning Note · Markets No. 02 · Oct. 20, 2026 · Read the issue

The record for this issue

Yields rise on both sides of the ocean.

110 claims in the draft, each tested by a second agent against the page it cites. 109 held; 1 did not and were fixed or cut before this went out.

109 confirmed 1 wrong, fixed or cut 0 unsupported, fixed or cut
  1. 01
    dek

    10-year closed at 5.15% by Treasury's 3:30 p.m. read, six bp above Friday

    The page says “10/19/2026 row: 2 Yr 4.77, 5 Yr 4.94, 10 Yr 5.15, 20 Yr 5.53, 30 Yr 5.48; 10/16/2026 row: 2 Yr 4.74, 5 Yr 4.89, 10 Yr 5.09, 20 Yr 5.47, 30 Yr 5.43”

    U.S. Treasury, at the passage · whole page

    confirmed
  2. 02
    dek

    AI stocks bounced; most of the market did not

    The page says “AI and tech stocks bounced back ... Most non-tech stocks fell, and the Dow slipped 0.1%”

    AP, at the passage · whole page

    confirmed
  3. 03
    dek

    Violent weekend in France pushed French yields up Monday

    The page says “French 10-year yield rose five basis points to 4.84% after protests turned violent”

    Sharecast via Hargreaves Lansdown, at the passage · whole page

    confirmed
  4. 04
    summary

    French unrest lifted yields worldwide

    The page says “AP says yields rose "worldwide"; French yields "climbed much more than yields for German government bonds"; 10-year Treasury to 5.14% from 5.09%”

    AP, at the passage · whole page

    confirmed
  5. 05
    summary

    Brent settled at $109.55

    The page says “Brent crude settled at $109.55 a barrel”

    AP, at the passage · whole page

    confirmed
  6. 06
    summary

    Housing starts and the Fed's blackout are today's calendar

    The page says “New Residential Construction (September 2026) scheduled October 20, 2026, 8:30 a.m.; blackout rule per https://www.federalreserve.gov/monetarypolicy/files/fomc-blackout-period-calendar.pdf”

    Census Bureau, at the passage · whole page

    confirmed
  7. 07
    The story

    2-year 4.77%, up 3 bp from Friday

    The page says “10/19: 4.77; 10/16: 4.74”

    U.S. Treasury, at the passage · whole page

    confirmed
  8. 08
    The story

    10-year 5.15%, up 6 bp from Friday

    The page says “10/19: 5.15; 10/16: 5.09”

    U.S. Treasury, at the passage · whole page

    confirmed
  9. 09
    The story

    30-year 5.48%, up 5 bp from Friday

    The page says “10/19: 5.48; 10/16: 5.43”

    U.S. Treasury, at the passage · whole page

    confirmed
  10. 10
    The story

    2s10s widened to 38 bp from 35

    The page says “5.15-4.77=0.38 (10/19); 5.09-4.74=0.35 (10/16)”

    U.S. Treasury, at the passage · whole page

    confirmed
  11. 11
    The story

    AP had the 10-year at 5.14% late in the day

    The page says “The 10-year Treasury yield rose to 5.14% (published 4:51 PM ET, Oct. 19)”

    AP, at the passage · whole page

    confirmed
  12. 12
    The story

    10-year topped 5.30% earlier this month, highest since 2002

    The page says “It topped 5.30% earlier this month and touched its highest level since 2002”

    AP, at the passage · whole page

    confirmed
  13. 13
    The story

    Treasuries fell along with most government bonds

    The page says “yields rose "worldwide" (France, Germany, U.S. cited)”

    AP, at the passage · whole page

    confirmed
  14. 14
    The story

    Protests over cost of living and plans to cut public spending turned violent across France over the weekend

    The page says “protests over the cost of living, linked to government plans to cut public spending, turned violent (AP adds school conditions)”

    Sharecast via Hargreaves Lansdown, at the passage · whole page

    confirmed
  15. 15
    The story

    Sharecast counted at least 2,400 arrests

    The page says “At least 2,400 people have been arrested”

    Sharecast via Hargreaves Lansdown, at the passage · whole page

    confirmed
  16. 16
    The story

    Shops smashed and public buildings burned

    The page says “shops smashed and public buildings burned”

    Sharecast via Hargreaves Lansdown, at the passage · whole page

    confirmed
  17. 17
    The story

    Protests spreading to Spain, Italy and Portugal

    The page says “broke out in Spain, Italy and Portugal”

    Sharecast via Hargreaves Lansdown, at the passage · whole page

    confirmed
  18. 18
    The story

    By 7:32 a.m. GMT French 10-year up 5 bp at 4.84%

    The page says “report 07:49, moves quoted at 07:32 GMT; French 10-year rose five basis points to 4.84%”

    Sharecast via Hargreaves Lansdown, at the passage · whole page

    confirmed
  19. 19
    The story

    Spread over Bunds out to about 143 bp

    The page says “spread over German Bunds around 143 basis points”

    Sharecast via Hargreaves Lansdown, at the passage · whole page

    confirmed
  20. 20
    The story

    CAC 40 down 1.17%

    The page says “CAC 40 down 1.17%”

    Sharecast via Hargreaves Lansdown, at the passage · whole page

    confirmed
  21. 21
    The story

    AP: European indexes down more than 1%

    The page says “indexes slid more than 1%”

    AP, at the passage · whole page

    confirmed
  22. 22
    The story

    AP: French yields rose by more than German ones

    The page says “climbed much more than yields for German government bonds”

    AP, at the passage · whole page

    confirmed
  23. 23
    The story

    Worries about a strained budget and the chance the government answers with more spending

    The page says “could ultimately force the French government to increase its spending”

    AP, at the passage · whole page

    confirmed
  24. 24
    The story

    S&P 500 rose 0.4% to 7,690.73

    The page says “the S&P 500 rose 31.29 points to 7,690.73”

    AP, at the passage · whole page

    confirmed
  25. 25
    The story

    after its worst week since June

    The page says “coming off its worst week since June”

    AP, at the passage · whole page

    confirmed
  26. 26
    The story

    Nasdaq added 1.1%

    The page says “Nasdaq gained 1.1% (to 26,430.89)”

    AP, at the passage · whole page

    confirmed
  27. 27
    The story

    Dow slipped 0.1%

    The page says “the Dow slipped 0.1% (down 36.38 to 51,966.03)”

    AP, at the passage · whole page

    confirmed
  28. 28
    The story

    Most stocks outside AI and technology fell

    The page says “Most non-tech stocks fell”

    AP, at the passage · whole page

    confirmed
  29. 29
    The story

    Last week's AI selloff was about the rising cost of borrowing; much of the build-out financed with debt

    The page says “tumbling on worries about how expensive it has become to borrow money ... has come from borrowed money”

    AP, at the passage · whole page

    confirmed
  30. 30
    The story

    CoreWeave rents out chips

    The page says “a company that's borrowed to buy AI chips that it rents out to customers over the cloud”

    AP, at the passage · whole page

    confirmed
  31. 31
    The story

    CoreWeave lost 25.2% last week

    The page says “CoreWeave fell 25.2% the prior week”

    AP, at the passage · whole page

    confirmed
  32. 32
    The story

    CoreWeave closed Monday down 0.4% after swinging from a gain of more than 7% to a loss of 3.5%

    The page says “it flipped to a loss of 3.5% before finishing with a dip of 0.4%”

    AP, at the passage · whole page

    confirmed
  33. 33
    The story

    Kospi rose 1.8% after a 14.5% drop last week

    The page says “jump 1.8% to recover some of its 14.5% drop from last week”

    AP, at the passage · whole page

    confirmed
  34. 34
    The story

    20-year closed at 5.53%, above the 30-year's 5.48%

    The page says “10/19/2026 row: 2 Yr 4.77, 5 Yr 4.94, 10 Yr 5.15, 20 Yr 5.53, 30 Yr 5.48”

    U.S. Treasury, at the passage · whole page

    confirmed
  35. 35
    The story

    On Friday 20-year 5.47% vs 30-year 5.43%

    The page says “10/16/2026 row: 2 Yr 4.74, 5 Yr 4.89, 10 Yr 5.09, 20 Yr 5.47, 30 Yr 5.43”

    U.S. Treasury, at the passage · whole page

    confirmed
  36. 36
    The story

    5-year 4.94% from 4.89%

    The page says “10/19: 4.94; 10/16: 4.89”

    U.S. Treasury, at the passage · whole page

    confirmed
  37. 37
    The story

    August refunding statement set October's 20-year auction at $13 billion

    The page says “table of anticipated auction sizes for the August to October 2026 quarter: 20-year October $13 billion”

    Treasury refunding statement, at the passage · whole page

    confirmed
  38. 38
    The story

    $13 billion is the smallest coupon size on its schedule

    The page says “20-year at $13B is the only coupon at that level; others range $22B (30-year) to $70B (5-year)”

    Treasury refunding statement, at the passage · whole page

    confirmed
  39. 39
    The story

    Auction at 1:00 p.m. ET Wednesday per Investrade

    The page says “Wednesday, October 21: 1:00 PM ET US Treasury to sell $13B in 20-year notes”

    Investrade, at the passage · whole page

    confirmed
  40. 40
    The story

    Brent settled at $109.55, down 0.3%

    The page says “Brent crude settled at $109.55 a barrel; fell 0.3%”

    AP, at the passage · whole page

    confirmed
  41. 41
    The story

    Brent traded between $107 and $110 Monday

    The page says “after swinging between $107 and $110”

    AP, at the passage · whole page

    confirmed
  42. 42
    The story

    AP: Brent moving between $97 and $110 this month

    The page says “It has been yo-yoing between $97 and $110 this month”

    AP, at the passage · whole page

    confirmed
  43. 43
    The story

    ...with the timing of an end to the war with Iran unsettled

    The page says “on uncertainty about when the war with Iran will allow the energy industry to return to normal”

    AP, at the passage · whole page

    wrong
  44. 44
    The story

    Early Monday Brent down 2.1% at $107.55

    The page says “Brent crude fell 2.1% ... $107.55 per barrel (Oct. 19, 10:09 AM ET)”

    Fortune (AP), at the passage · whole page

    confirmed
  45. 45
    The story

    WTI down 1.9% at $97.19 early Monday

    The page says “dropped 1.9% to $97.19 per barrel”

    Fortune (AP), at the passage · whole page

    confirmed
  46. 46
    The story

    Executive order signed Friday, Oct. 16

    The page says “President Trump on October 16, 2026, issued an executive order”

    KPMG, at the passage · whole page

    confirmed
  47. 47
    The story

    Order implements the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026

    The page says “Lindsey O. Graham Sanctioning Russia and Iran Act of 2026”

    Herbert Smith Freehills Kramer, at the passage · whole page

    confirmed
  48. 48
    The story

    Waives the 500% tariff on goods from Russia

    The page says “a 500% tariff increase on goods from Russia ... waives their application for now”

    KPMG, at the passage · whole page

    confirmed
  49. 49
    The story

    Waives the 100% tariffs on the largest buyers of Russian oil and gas

    The page says “a 100% ad valorem increase in duties on goods from the five largest importers of Russian-origin crude oil and natural gas ... waived for now”

    Herbert Smith Freehills Kramer, at the passage · whole page

    confirmed
  50. 50
    The story

    Waivers hold until the President or Secretary of State decides otherwise, no expiry

    The page says “We note that the waivers do not have a specified expiration date; until the president or the secretary of state decides further action is necessary”

    Herbert Smith Freehills Kramer, at the passage · whole page

    confirmed
  51. 51
    The story

    AP early report: President said earlier in October he reached a diesel deal with Russia to bring down fuel prices

    The page says “said earlier this month he had reached a diesel deal with Russia”

    Fortune (AP), at the passage · whole page

    confirmed
  52. 52
    The story

    Quarter-point increase on Sept. 16 to 3-3/4 to 4 percent

    The page says “decided to raise the target range for the federal funds rate by 1/4 percentage point, to 3-3/4 to 4 percent”

    Federal Reserve, at the passage · whole page

    confirmed
  53. 53
    The story

    12–0 vote

    The page says “12 for, 0 against”

    Federal Reserve, at the passage · whole page

    confirmed
  54. 54
    The story

    Statement called inflation elevated

    The page says “Inflation remains elevated”

    Federal Reserve, at the passage · whole page

    confirmed
  55. 55
    The story

    Next meeting Oct. 27–28

    The page says “October 27-28”

    FOMC calendar

    confirmed
  56. 56
    The story

    Blackout begins at midnight the second Saturday before a meeting

    The page says “will begin at 12:00 a.m. Eastern Time the second Saturday before a meeting”

    FOMC blackout rule, at the passage · whole page

    confirmed
  57. 57
    The story

    Blackout started Oct. 17 and runs through Oct. 29

    The page says “Derived from the rule + calendar: second Saturday before Tue Oct 27 is Oct 17; ends 11:59 p.m. the day after a meeting = Oct 29. PDF text does not mark the dates itself”

    FOMC blackout rule, at the passage · whole page

    confirmed
  58. 58
    The story

    Fed funds 3.88% on Friday

    The page says “effectiveDate 2026-10-16, percentRate 3.88”

    New York Fed, at the passage · whole page

    confirmed
  59. 59
    The story

    Friday's was the last print published before the issue closed; Monday's arrives about 9 a.m. ET

    The page says “published at approximately 9:00 a.m. for the prior business day”

    New York Fed EFFR page, at the passage · whole page

    confirmed
  60. 60
    The story

    Monday Oct. 19 2-yr 4.77

    The page says “10/19/2026 row: 2 Yr 4.77, 5 Yr 4.94, 10 Yr 5.15, 20 Yr 5.53, 30 Yr 5.48”

    U.S. Treasury, at the passage · whole page

    confirmed
  61. 61
    The story

    Monday Oct. 19 5-yr 4.94

    The page says “10/19/2026 row: 2 Yr 4.77, 5 Yr 4.94, 10 Yr 5.15, 20 Yr 5.53, 30 Yr 5.48”

    U.S. Treasury, at the passage · whole page

    confirmed
  62. 62
    The story

    Monday Oct. 19 10-yr 5.15

    The page says “10/19/2026 row: 2 Yr 4.77, 5 Yr 4.94, 10 Yr 5.15, 20 Yr 5.53, 30 Yr 5.48”

    U.S. Treasury, at the passage · whole page

    confirmed
  63. 63
    The story

    Monday Oct. 19 20-yr 5.53

    The page says “10/19/2026 row: 2 Yr 4.77, 5 Yr 4.94, 10 Yr 5.15, 20 Yr 5.53, 30 Yr 5.48”

    U.S. Treasury, at the passage · whole page

    confirmed
  64. 64
    The story

    Monday Oct. 19 30-yr 5.48

    The page says “10/19/2026 row: 2 Yr 4.77, 5 Yr 4.94, 10 Yr 5.15, 20 Yr 5.53, 30 Yr 5.48”

    U.S. Treasury, at the passage · whole page

    confirmed
  65. 65
    The story

    Friday Oct. 16 2-yr 4.74

    The page says “10/16/2026 row: 2 Yr 4.74, 5 Yr 4.89, 10 Yr 5.09, 20 Yr 5.47, 30 Yr 5.43”

    U.S. Treasury, at the passage · whole page

    confirmed
  66. 66
    The story

    Friday Oct. 16 5-yr 4.89

    The page says “10/16/2026 row: 2 Yr 4.74, 5 Yr 4.89, 10 Yr 5.09, 20 Yr 5.47, 30 Yr 5.43”

    U.S. Treasury, at the passage · whole page

    confirmed
  67. 67
    The story

    Friday Oct. 16 10-yr 5.09

    The page says “10/16/2026 row: 2 Yr 4.74, 5 Yr 4.89, 10 Yr 5.09, 20 Yr 5.47, 30 Yr 5.43”

    U.S. Treasury, at the passage · whole page

    confirmed
  68. 68
    The story

    Friday Oct. 16 20-yr 5.47

    The page says “10/16/2026 row: 2 Yr 4.74, 5 Yr 4.89, 10 Yr 5.09, 20 Yr 5.47, 30 Yr 5.43”

    U.S. Treasury, at the passage · whole page

    confirmed
  69. 69
    The story

    Friday Oct. 16 30-yr 5.43

    The page says “10/16/2026 row: 2 Yr 4.74, 5 Yr 4.89, 10 Yr 5.09, 20 Yr 5.47, 30 Yr 5.43”

    U.S. Treasury, at the passage · whole page

    confirmed
  70. 70
    The story

    Every maturity rose; 10- and 20-year rose most, 6 bp each; 20-year stayed above 30-year

    The page says “changes +3,+5,+6,+6,+5; 20>30 both days”

    U.S. Treasury, at the passage · whole page

    confirmed
  71. 71
    The story, step 1

    Weekend: protests turn violent across France

    The page says “protests turn violent”

    Sharecast via Hargreaves Lansdown, at the passage · whole page

    confirmed
  72. 72
    The story, step 2

    7:32 a.m. GMT: French 10-yr 4.84%, spread 143 bp

    The page says “07:32 GMT; 4.84%; around 143 basis points”

    Sharecast via Hargreaves Lansdown, at the passage · whole page

    confirmed
  73. 73
    The story, step 3

    European indexes fall more than 1%

    The page says “indexes slid more than 1%”

    AP, at the passage · whole page

    confirmed
  74. 74
    The story, step 4

    3:30 p.m. ET: Treasury 10-yr 5.15%, up 6 bp

    The page says “10/19 5.15 vs 10/16 5.09”

    U.S. Treasury, at the passage · whole page

    confirmed
  75. 75
    The story

    Budget worry priced first in Paris, then in government bond markets worldwide

    The page says “French bond yields rose on budget concerns; yields rose "worldwide"”

    AP, at the passage · whole page

    confirmed
  76. 76
    The story

    20-year 5.53% above 30-year 5.48%, two days before a $13 billion auction

    The page says “Wed Oct 21 1:00 PM ET $13B 20-year; Treasury 10/19 20 Yr 5.53, 30 Yr 5.48”

    Investrade, at the passage · whole page

    confirmed
  77. 77
    The story

    Curve peaks at 20-year, dips at 30-year

    The page says “10/19/2026 row: 2 Yr 4.77, 5 Yr 4.94, 10 Yr 5.15, 20 Yr 5.53, 30 Yr 5.48”

    U.S. Treasury, at the passage · whole page

    confirmed
  78. 78
    art alt / art svg

    +6 BP

    The page says “10-year 5.15 vs 5.09”

    U.S. Treasury, at the passage · whole page

    confirmed
  79. 79
    The story

    Fed hiked last month

    The page says “raise the target range ... September 16, 2026”

    Federal Reserve, at the passage · whole page

    confirmed
  80. 80
    The story

    Oil near $110

    The page says “Brent settled at $109.55”

    AP, at the passage · whole page

    confirmed
  81. 81
    The story

    Housing starts consensus 1,305,000

    The page says “Oct 20 8:30 Housing Starts Sep Thsd 1305.0 1275.0”

    TD Economics, at the passage · whole page

    confirmed
  82. 82
    The story

    Builders' 14-year-low confidence

    The page says “lowest since June 2012”

    RISMedia, at the passage · whole page

    confirmed
  83. 83
    The tape before the open, item 1

    2-year 4.77%, +3 bp, 3:30 p.m. ET Oct. 19

    The page says “10/19 4.77; 10/16 4.74”

    U.S. Treasury, at the passage · whole page

    confirmed
  84. 84
    The tape before the open, item 2

    10-year 5.15%, +6 bp, 3:30 p.m. ET Oct. 19

    The page says “10/19 5.15; 10/16 5.09”

    U.S. Treasury, at the passage · whole page

    confirmed
  85. 85
    The tape before the open, item 3

    30-year 5.48%, +5 bp, 3:30 p.m. ET Oct. 19

    The page says “10/19 5.48; 10/16 5.43”

    U.S. Treasury, at the passage · whole page

    confirmed
  86. 86
    The tape before the open, item 4

    2s10s 38 bp, +3 bp

    The page says “38 vs 35”

    U.S. Treasury, at the passage · whole page

    confirmed
  87. 87
    The tape before the open, item 5

    Fed funds effective 3.88%, unchanged, Fri Oct. 16

    The page says “2026-10-16 3.88; 2026-10-15 3.88”

    New York Fed, at the passage · whole page

    confirmed
  88. 88
    The tape before the open, item 6

    EUR/USD ECB reference 1.1225, -0.0028, Oct. 19

    The page says “19 October 1.1225; 16 October 1.1253”

    ECB, at the passage · whole page

    confirmed
  89. 89
    The tape before the open, item 7

    Brent $109.55, -0.3%, Monday settlement

    The page says “Brent crude settled at $109.55; fell 0.3%”

    AP, at the passage · whole page

    confirmed
  90. 90
    The tape before the open, item 8

    Gold December futures $4,190.50 at 7:06 a.m. ET Oct. 19

    The page says “moving slightly higher this morning to $4,190.50 per troy ounce as of 7:06 a.m. ET (December contract)”

    Yahoo Finance, at the passage · whole page

    confirmed
  91. 91
    The tape before the open, item 9

    Nikkei 225 64,075.42, -1.3%, Tuesday close 3:30 p.m. JST

    The page says “Oct 20 close 64,075.42; Oct 19 close 64,916.70 (-1.30%)”

    Nikkei Indexes, at the passage · whole page

    confirmed
  92. 92
    The tape before the open

    WTI $97.19 early Monday (AP)

    The page says “dropped 1.9% to $97.19 per barrel”

    Fortune (AP), at the passage · whole page

    confirmed
  93. 93
    The morning in four, item 1

    Treasury table: 20-year 5.53%, 30-year 5.48%

    The page says “10/19/2026 row: 2 Yr 4.77, 5 Yr 4.94, 10 Yr 5.15, 20 Yr 5.53, 30 Yr 5.48”

    U.S. Treasury, at the passage · whole page

    confirmed
  94. 94
    The morning in four, item 1

    $13 billion 20-year auction Wednesday under August refunding plan

    The page says “20-year October $13 billion; Investrade: Wed Oct 21 1:00 PM ET”

    Treasury refunding statement, at the passage · whole page

    confirmed
  95. 95
    The morning in four, item 2

    AP traced AI selloff to cost of borrowing; build-out debt-financed

    The page says “worries about how expensive it has become to borrow money”

    AP, at the passage · whole page

    confirmed
  96. 96
    The morning in four, item 2

    CoreWeave lost 25.2% last week and slipped 0.4% Monday

    The page says “finishing with a dip of 0.4%”

    AP, at the passage · whole page

    confirmed
  97. 97
    The morning in four, item 3

    NAHB/Wells Fargo index fell 3 points to 29 in October

    The page says “fell three points to 29”

    RISMedia, at the passage · whole page

    confirmed
  98. 98
    The morning in four, item 3

    Lowest since June 2012

    The page says “lowest since June 2012”

    RISMedia, at the passage · whole page

    confirmed
  99. 99
    The morning in four, item 3

    43% of builders cut prices, up from 38% in September

    The page says “43% ... up from 38% in September”

    RISMedia

    confirmed
  100. 100
    The morning in four, item 4

    China Q3 GDP +4.5% y/y

    The page says “4.5% year on year at constant prices”

    National Bureau of Statistics of China, at the passage · whole page

    confirmed
  101. 101
    The morning in four, item 4

    China September exports +29.6%

    The page says “up 29.6% year on year, to 3,034.4 billion yuan”

    National Bureau of Statistics of China, at the passage · whole page

    confirmed
  102. 102
    The morning in four, item 4

    Canada CPI +3.1% in September

    The page says “rising 3.1% year over year in September”

    Statistics Canada, at the passage · whole page

    confirmed
  103. 103
    The morning in four, item 4

    Canada gasoline +27.8%

    The page says “prices for gasoline rose at a faster pace in September (+27.8%)”

    Statistics Canada, at the passage · whole page

    confirmed
  104. 104
    What to watch, item 1

    Housing starts and permits 8:30 a.m. ET Tuesday, Census New Residential Construction

    The page says “October 20, 2026, at 8:30 a.m”

    Census Bureau, at the passage · whole page

    confirmed
  105. 105
    What to watch, item 1

    Starts consensus 1,305,000 vs 1,275,000 in August

    The page says “Housing Starts Sep Thsd 1305.0 1275.0”

    TD Economics, at the passage · whole page

    confirmed
  106. 106
    What to watch, item 1

    Permits consensus 1,385,000 vs 1,403,000

    The page says “Building Permits Sep Thsd 1385.0 1403.0”

    TD Economics, at the passage · whole page

    confirmed
  107. 107
    What to watch, item 2

    New York Fed publishes Monday's rate at about 9 a.m. ET

    The page says “approximately 9:00 a.m”

    New York Fed EFFR page, at the passage · whole page

    confirmed
  108. 108
    What to watch, item 2

    Friday's 3.88% inside the 3.75% to 4.00% target range

    The page says “percentRate 3.88, targetRateFrom 3.75, targetRateTo 4.00”

    New York Fed, at the passage · whole page

    confirmed
  109. 109
    What to watch, item 3

    Blackout started Sat Oct. 17, runs through Oct. 29, day after Oct. 27–28 meeting

    The page says “begin 12:00 a.m. ET the second Saturday before a meeting; end 11:59 p.m. ET the day after a meeting (dates derived with https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm)”

    FOMC blackout rule, at the passage · whole page

    confirmed
  110. 110
    What to watch, item 4

    Ally, KeyCorp, Synchrony before the open; Capital One after the close

    The page says “Tuesday, October 20: ALLY, KEY, SYF before the open; COF after the close”

    Investrade, at the passage · whole page

    confirmed

The checker's notes

  • No fact found that could only be known after 4:30 AM ET on 2026-10-20: Treasury 10/19 row, AP close (4:51 PM ET Oct. 19), ECB Oct. 19 fixing, Nikkei Oct. 20 close (2:30 a.m. ET) all precede the cut-off; the issue correctly uses Friday's EFFR because Monday's was published ~9 a.m. Oct. 20.
  • No political opinion found. Executive order and Graham Act are reported as events with sources; Fortune's link of the diesel deal to the midterms was not carried into the issue.
  • No conduct issues: callout and the 20-year paragraph are labelled as the issue's reading and are impersonal conditional outlook; no reader instruction, positions, promises or regulatory claims.
  • Minor wording: TD's table lists starts/permits in thousands without stating 'annual rate' (SAAR is the Census convention; not shown on the cited page). Investrade calls the 20-year issue 'notes'; the issue says 'auction', fine. The refunding table gives 'anticipated' sizes; 'set' is a slight overstatement.
  • Blackout dates Oct. 17-29 are derived from the PDF's rule plus the FOMC calendar; the PDF text extracted did not mark them.

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