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Data: St. Louis Federal Reserve; Chart: Naema Ahmed/Axios

The yield curve had steepened significantly this month, with yields on the 3-month and 1-month Treasury bills falling meaningfully below the 10-year note.

Why it matters: The Fed's $60 billion a month Treasury bill purchase program, announced as a "technical" salve to calm the $2 trillion U.S. repo market, looks to have provided some assistance in the steepening.

  • The spread between 3-month and 10-year yields widened by the most in five months on Oct. 11, the day the Fed announced it was beginning the T-bill buying program.
  • The curve had been inverted since May 22 but moved into positive territory on Oct. 11 and hasn't inverted since.

Of note: An inverted yield curve is a sign of an unhealthy economy and typically precedes a recession.

What to watch: Rick Rieder, BlackRock’s CIO of global fixed income, says the Fed is pushing all the right buttons.

  • The Fed "is absorbing massive amounts of Treasury issuance, is steepening the yield curve and is allowing banks and others to lend and create velocity to the economy."

The bottom line: Don't call it quantitative easing.

Go deeper: The Treasury yield curve has steepened for all the wrong reasons

Go deeper

Updated 6 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 a.m. ET: 19,638,142 — Total deaths: 726,786 — Total recoveries — 11,939,423Map.
  2. U.S.: Total confirmed cases as of 2 a.m. ET: 4,998,017 — Total deaths: 162,425 — Total recoveries: 1,643,118 — Total tests: 61,080,587Map.
  3. Politics: Trump signs 4 executive actions on coronavirus aid — Democrats, and some Republicans, criticize the move
  4. Public health: Fauci says chances are "not great" that COVID-19 vaccine will be 98% effective — 1 in 3 Americans would decline COVID-19 vaccine.
  5. Science: Indoor air is the next coronavirus frontline.
  6. Schools: How back-to-school is playing out in the South as coronavirus rages on — Princeton, Johns Hopkins, Howard to hold fall classes online.
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Ohio Gov. Mike DeWine again tests negative for coronavirus after positive result

Photo: Justin Merriman/Getty Images

Ohio Gov. Mike DeWine (R) tested negative for COVID-19 for a second time after initially testing positive last week, he announced Saturday.

Why it matters: 73-year-old DeWine was set to meet President Trump Thursday on the tarmac at an airport in Cleveland and was tested as part of standard protocol.

Updated 2 hours ago - Politics & Policy

Republicans and Democrats react to Trump's coronavirus aid action

President Trump speaks to workers at a manufacturing facility in Clyde, Ohio, on Thursday. Photo: Scott Olson/Getty Images

Some Republicans joined Democrats in criticizing President Trump Saturday night for taking executive action on coronavirus aid, with Democratic leaders demanding the GOP return to negotiations after stimulus package talks broke down a day earlier.

Why it matters: Trump could face legal challenges on his ability to act without congressional approval, where the power lies on federal spending. Sen. Ben Sasse (R-Neb.) was the most vocal Republican critic, saying in a statement: "The pen-and-phone theory of executive lawmaking is unconstitutional slop."