Here are today’s top stories

While much has been made about the search for yield in a world of ultra-low interest rates, Treasury valuations leave very little room for price gains. It’s a dilemma that could reshape the classic 60/40 investing strategy.

Empty dorms are putting pressure on U.S. colleges to help investors in the approximately $14 billion student housing debt market, adding to the strain on schools already reeling from the pandemic.

The U.S. Postal Service still isn’t processing election mail on time, even after being ordered by federal judges to halt disruptive changes like banning worker overtime and late delivery trips, Pennsylvania’s attorney general told a judge. Trump megadonor Louis DeJoy, the postmaster general, implemented the service cuts which multiple states allege are a strategy to disenfranchise voters.

An election judge prepares mail-in ballots to be scanned by the Montgomery County Board of Elections at a recreation center in Germantown, Maryland, on Oct. 20.

Photographer: Al Drago/Bloomberg

A short-term victory on Pennsylvania voting rules is giving Democrats new reason to worry that U.S. Circuit Judge Amy Coney Barrett’s quick confirmation may lead to a much bigger defeat should the Supreme Court have to decide the presidential election. Former Vice President Joe Biden is nevertheless planning his transition in case he wins. Meanwhile, unfounded attacks on mail-in voting by Trump and Republicans are having results, as thousands ditch their absentee ballots and go to the polls to vote early.

The latest wave of coronavirus infections in America comes as the head of Roche Holding warned that a widespread vaccine this year is unlikely. The first trials to deliberately infect people to accelerate development of shots could occur in the U.K. next year, while China defended giving people drugs that are still in clinical trials. Here is the latest on the pandemic.

Saudi Arabia’s Crown Prince Mohammed bin Salman

Photographer: Jacquelyn Martin/AFP

The fiancée of murdered Washington Post columnist Jamal Khashoggi sued Saudi Crown Prince Mohammed bin Salman in Washington federal court for allegedly ordering his agents to kill and dismember the U.S. resident, who was a fierce critic of the Saudi kingdom.

What’s Joe Weisenthal thinking about? The Bloomberg news director says the U.S. election is widely expected to be a significant volatility event. There’s a good argument, however, that it actually won’t be, Joe says. Kris Sidial, a co-founder and vice president of The Ambrus Group, says it’s hard to get significant volatility when everyone’s bracing for significant volatility, and the logic is pretty simple.

What you’ll need to know tomorrow

UBS is making it easier for exiting employees to get their bonuses.
It’s down to the wire on a second coronavirus bailout package.
Stocks and gold rose on hope a new rescue package will emerge.
A Trump defeat will mean really bad news for these leaders.
Goldman Sachs is about to pay the U.S. government $2 billion.
Nigerian government forces open fire on protesters.
Businessweek: The cost of racial bias is in the trillions of dollars.

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What you’ll want to read in Bloomberg CityLab

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In some places, rows of heat lamps will become a defining feature of winter sidewalks. But costly heaters aren’t the only or best option for many restaurants. This is what the coming Covid winter might look like.

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