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

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Updated 8 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 19,193,661 — Total deaths: 716,735 — Total recoveries — 11,611,029Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 4,918,927 — Total deaths: 160,737 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: White House recommends Trump issue executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Trump: "We are going a different way" on coronavirus aid

President Trump. Photo: Jim Watsonn/AFP via Getty Images

President Trump tweeted on Friday that his administration is "going a different way" with coronavirus aid after negotiations with congressional Democrats stalled again, suggesting he will use an executive order to address stimulus spending.

What he's saying: "Pelosi and Schumer only interested in Bailout Money for poorly run Democrat cities and states. Nothing to do with China Virus! Want one trillion dollars. No interest. We are going a different way!" Trump tweeted.

Trump's swift, sweeping China offensive

Illustration: Aïda Amer/Axios

President Trump's rhetoric on China has tended to run hotter than his actions — until now.

Why it matters: Even at the height of Trump's trade war, his administration never hit China as hard, as fast, and on as many fronts as it is right now.