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Expand chart
Data: Investing.com; Chart: Axios Visuals

U.S. Treasury yields fell to their lowest level in about 10 weeks on Tuesday, as investors continue to buy safe-haven government debt even as the U.S. stock market rises.

Why it matters: While the S&P 500 has risen more than 11% so far this year, benchmark 10-year Treasury yields are back near their lowest levels of 2019. Despite those low yields, a Treasury auction of 10-year notes Tuesday saw especially strong demand.

  • Treasury yields had started to pick up after the delayed Q4 GDP report suggested prices could be picking up, but bond investors have lost faith and Tuesday's weak core CPI data (1.5% year-over-year and the first month-over-month reading below 0.2% in 6 months) closed the coffin on any further upward momentum.

The big picture: As we wrote last month, the bond market is showing that traders have no faith in long-term U.S. growth or inflation. Stocks are rallying based on expectations that the Fed will not raise interest rates, a theme that has been re-enforced by worsening global growth data.

  • John Herrmann, rates strategist at MUFG Securities Americas, tells Reuters that his bank's models suggested the Fed will hold rates through this summer and then shift to an easing monetary policy stance at its September meeting.

Go deeper

1 hour ago - World

Scoop: Iran preparing to enrich weapons-grade uranium, Israel warns U.S.

Iranian President Ebrahim Raisi holds a press conference. Photo: Presidency of Iran handout via Getty

Israel has shared intelligence over the past two weeks with the U.S. and several European allies suggesting that Iran is taking technical steps to prepare to enrich uranium to 90% purity — the level needed to produce a nuclear weapon, two U.S. sources briefed on the issue tell me.

Why it matters: Enriching to 90% would bring Iran closer than ever to the nuclear threshold. The Israeli warnings come as nuclear talks resume in Vienna, with Iran returning to the negotiating table on Monday after a five-month hiatus.

Biden: Fight against Omicron won't include "shutdowns or lockdowns"

Photo: Mandel Ngan/AFP via Getty Images

President Biden on Monday said that the new coronavirus variant, Omicron, is "a cause for concern, not a cause for panic."

Driving the news: Biden said later this week the administration will be releasing a strategy on how "we're going to fight COVID this winter. Not with shutdowns or lockdowns, but with more widespread vaccinations, boosters, testing and more."

Updated 2 hours ago - Politics & Policy

Omicron dashboard

Illustration: Aïda Amer/Axios

  1. Health: WHO says Omicron poses "very high" risk — Fauci says Omicron variant will "inevitably" be found in U.S. — U.S. restricts air travel from 8 countries over Omicron concerns.
  2. Politics: Biden says fight against Omicron won't include "shutdowns or lockdowns."
  3. States: New York declares state of emergency amid concerns over Omicron.
  4. World: Omicron adds urgency to vaccinating worldWHO warns against travel bans on southern African countries — First North American Omicron cases identified in Canada.
  5. Variant tracker: Where different strains are spreading.