Treasury a weak hedge given already low yields.
Elections will need to look beyond buying Treasurys. Yields are too low for Treasurys to serve as an effective hedge
There are some alternative ‘cheaper’ hedges to put on:
Consider "second-best hedges" including holding the dollar against emerging-market currencies and owning the yen against a range of currencies
High-grade credit can also fit the strategy, he said, as "the Fed could be upsizing its asset purchases in the credit markets" should the US economic recovery stumble.
Major Legislation to be held up anyway without super majority in the Senate.
Yet Republicans can still filibuster a stimulus measure so long as Democrats hold fewer than 60 seats in the Senate. Any sign of a legislative holdup could quickly curb optimism and place downward pressure back on markets.