NDMO - Weekly Commentary: Oct. 4 2020

• Stimulus talks continue as the two parties try to hash out a deal before the elections.  That deal before November is becoming more elusive.
• The September payrolls report showed that 661K jobs were added in the month, which was below expectations of 850K.  Unemployment rate fell to 7.9% from 8.4%.
• We saw a lot of muni CEFs again raise their distributions. Nothing was out of whack as most of the larger "increasers" were lower yielders in the first place.
• Saba continues to buy up the Nuveen floating rate funds adding to JSD and JFR.  They now own approximately 11% of both funds.

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