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Data: FactSet; Chart: Harry Stevens/Axios

The two-year Treasury yield is spiking to levels not seen since before 2008, and U.S. 10-year and 30-year Treasury yields are hitting levels not seen in more than five years, having climbed steadily since September.

Why it matters: The second-longest economic expansion in U.S. history (and longest job-market expansion) shows no signs of slowing, and that has investors driving up bond yields as the Fed continues its plan to gradually raise interest rates.

  • The policy-sensitive two-year Treasury note has steadily risen for the past few years, since the Fed laid out a path to finally "normalize" rates from virtually zero in 2008.

Driving the news: In remarks on Wednesday, Fed Chairman Jerome Powell said interest rates are nowhere near the neutral level that doesn't speed up or slow down economic growth. That comment was a departure from what analysts assumed when the Fed removed the word "accommodative" from its policy statement last week, so faster rate increases are expected.

  • In a separate speech this week, Powell said the Fed's projections of a continued strengthening economy is not "too good to be true."

What to watch: Friday's jobs report is key, especially if wage growth is stronger than economists are expecting (spurring inflation fears, which the Fed has said it's watching closely). Kathy Jones, a fixed income strategist at Charles Schwab, told Axios yields will push even higher, should the job report come in better than the expected 185,000 new jobs.

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Biden has huge cash advantage over Trump as Election Day nears

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Democratic presidential nominee Joe Biden had $177.3 million in the bank at the end of September, per the latest Federal Election Commission filings.

Why it matters: President Trump's re-election campaign reported having $63.1 million in the bank at the end of last month, as campaigning enters the final stretch ahead of Election Day on Nov. 3.

Court allows North Carolina mail-in ballots deadline extension

An absentee ballot election worker stuffs ballot applications at the Mecklenburg County Board of Elections office in Charlotte, North Carolina, in September. Photo: Logan Cyrus/AFP via Getty Images

North Carolina can accept absentee ballots that are postmarked Nov. 3, Election Day, until Nov. 12, a federal appeals court decided Tuesday in a 12-3 majority ruling.

Why it matters: The 4th Circuit Court of Appeals' ruling against state and national Republican leaders settles a lawsuit brought by a group representing retirees, and it could see scores of additional votes counted in the key battleground state.

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