although it is still too early to draw conclusions about the White House race because many key battlefield states have not yet determined the outcome, there are clear fund flows in various fields such as the government bond market and gambling websites, indicating that Trump is not far from victory. The yield on 10-year US government bonds has risen by nearly 20 basis points, while the yield on similar Australian bonds has risen by nearly 12 basis points. The US dollar has strengthened and the stock market has generally risen. Craig Vardy, head of fixed income at BlackRock, said that the interest rate market is "bear steepening", which is the trend under the expectation of Trump's victory.