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Traders work on the Mizuho Americas trading floor in New York. (Mark Lennihan/AP)

Hedge fund managers are increasingly worried about a richly valued stock market, selling parts of their stock portfolios and putting the money in safer assets, Bloomberg reports. Here's why smart traders are worried about the end of the Trump rally:

  • The difference between 30-year interest rates and 2-year interest rates is close to a four-month low, suggesting bond traders no longer believe the economy will accelerate significantly in the medium-term.
  • Price-to-earnings valuations are at highs not seen since the dot-com bubble.
  • DIsappointing consumer spending figures suggest that GDP will grow just 1.8% this quarter, and projections for first quarter GDP growth have consistently declined throughout 2017.
Source: Federal Reserve Bank of Atlanta

Go deeper

Updated 22 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information โ€” Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Education: Schools face an uphill battle to reopen during the pandemic.
  3. Politics: Biden unveils "wartime" COVID strategy โ€” Biden's COVID-19 bubble.
  4. Vaccine: Florida requiring proof of residency to get vaccine โ€” CDC extends interval between vaccine doses for exceptional cases.
  5. World: Hong Kong puts tens of thousands on lockdown as cases surge โ€” Pfizer to supply 40 million vaccine doses to lower-income countries.
  6. Sports: 2021 Tokyo Olympics hang in the balance.
  7. ๐ŸŽง Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.
Bryan Walsh, author ofย Future
4 hours ago - Health

Schools face an uphill battle to reopen during the pandemic

Illustration: Aรฏda Amer/Axios

President Biden's plan to accelerate the reopening of K-8 schools faces major challenges from a still out-of-control pandemic and more contagious coronavirus variants.

Why it matters: The longer American kids miss in-person schooling, the further they fall behind. But the uncertain state of the science on the role young children play in the pandemic continues to complicate efforts to reopen schools.

Focus group: Former Trump voters say he should never hold office again

Illustration: Sarah Grillo/Axios

"Relief" is the top emotion some swing voters who used to support Donald Trump say they felt as they watched President Biden's swearing-in, followed by "hope."

Why it matters: For voters on the bubble between parties, this moment is less about excitement for Biden or liberal politics than exhaustion and disgust with Trump and a craving for national healing. Most said Trump should be prohibited from ever holding office again.