Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
The Treasury Department. Photo: Mandel Ngan/AFP/Getty Images
Despite Tuesday's stock market rout and strong buying of safe-haven U.S. government bonds all year, a $38 billion auction of 3-year Treasury notes drew lackluster demand. Traders told Axios they aren't sure why.
The big picture: The U.S. Treasury Department auctioned the notes at the lowest yield for 3-year maturities since January 2018, Treasury data showed. The ratio of bids to the amount of notes sold was the lowest since January and indirect bidders took the lowest percentage of the total in more than 4 years, both signs of weak demand.
Go deeper: Bond traders have no faith in long-term U.S. growth or inflation