With some very, very large numbers, it can be hard to keep your perspective.
Case in point: the U.S. government's fundraising effort, which has reached fresh extremes to stay ahead of the astronomical spending needed to support the world’s largest economy through the pandemic crisis. This week, the Treasury said it expects to sell more than $2 trillion of debt in the second half of the year, and the next auctions of notes and bonds will be among the largest on record.  One thing is clear, at least for now: the Treasury market isn’t buckling as the debt pile mounts.  Fitch Ratings just slapped a warning on the U.S.’s top-notch credit score -- bemoaning the lack of a “credible fiscal consolidation plan”.  (Bloomberg)

Speaking of piling on debt… There has so far been no progress on agreeing a new stimulus plan for the U.S. economy, with talks now on the brink of collapse. Treasury Secretary Steven Mnuchin said that the White House and Democratic leaders remain "very, very far apart on significant issues." House Speaker Nancy Pelosi called a proposal from the Trump administration "anorexic." It is unclear if the two sides will meet again today. (SA)

Uber reported second quarter results including revenue that beat analysts’ expectations but declined by about 29% from $3.17 billion during the same period last year. The stock dipped as much as 5% in after-hours trading.  The company was able to narrow its net losses to $1.8 billion, a major improvement from this quarter last year when Uber had a net loss of $5.24 billion. (FT)

Nonfarm payrolls rose by 1.763 million in July, vs 1.48 million expected.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.