Treasury market is indicating the election outcome will be known soon

President Donald Trump and Democratic presidential candidate Joe Biden during the final presidential debate at Belmont University in Nashville, Tennessee, on Oct. 22.
Jim Watson and Brendan Smialowski | AFP | Getty Images

The Treasury market is signaling that investors expect a clear winner to emerge as president, without weeks of uncertainty, but it's not saying which candidate it will be.

Yields have been rising recently on expectations that there will be more stimulus spending coming, particularly if former Vice President Joe Biden wins and Democrats take the Senate. Even so, more spending could come if President Donald Trump is reelected, and the market has been adjusting to expectations of more debt to pay for stimulus spending.

But in Tuesday trading, strategists said the market is trading on something different.