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

European Central Bank President Mario Draghi signaled that more stimulus is coming for the eurozone in a speech Tuesday morning.

What's next: The new measures are likely to include the central bank lowering interest rates below the current -0.4% interest rate that already means some depositors pay the ECB to loan it money.

  • Yields on Europe's benchmark, German 10-year government bonds, fell to a new record low of -0.32% following the comments.

The intrigue: Yields on 10-year French government bonds fell below 0 for the first time ever, and yields turned negative for 10-year government bonds in eurozone members Austria and the Netherlands.

What else: Bonds are turning negative for European countries that aren't even overseen by the ECB.

  • Sweden, an EU member with its own central bank, saw its rates turn negative for the first time ever. Denmark also now has negative interest rates, as does Switzerland, which is not even a member of the EU.

What to watch: "It is important to remember that Draghi is on the way out as his term as bank President ends this fall, so it is not clear that he will preside over additional cuts before he is done," DRW Trading market strategist Lou Brien wrote in a note to clients, "but he has indeed thrown down the gauntlet to his successor, who may or may not appreciate it."

Go deeper: Trump goes after ECB as euro drops against the dollar

Go deeper

Journalism enters dangerous new era

Illustration: Brendan Lynch/Axios

The Capitol attack on Jan. 6 resulted in at least nine physical assaults against journalists and at least five arrests, per the U.S. Press Freedom Tracker's top editor.

Why it matters: President Trump's harsh rhetoric towards the press has empowered leaders abroad and locally in the U.S. to continue to attack press that they don't like.

Ben Geman, author of Generate
2 hours ago - Politics & Policy

The beginning of the beginning for Biden's climate push

Illustration: Annelise Capossela/Axios

Joe Biden's inauguration and the days right after will bring a rat-tat-tat burst of climate policy moves, but keep this in mind amid the splashy pledges: pushing through most of his agenda will be a long, uncertain slog.

Why it matters: Biden's climate plan is far more expansive than anything contemplated under President Obama. But for all the immediate pledges, it will take years to see how far Biden gets.

Dion Rabouin, author of Markets
3 hours ago - Economy & Business

Biden's inflation danger

Illustration: Sarah Grillo/Axios

President-elect Joe Biden's $1.9 trillion stimulus proposal has economists and bullish market analysts revising their U.S. growth expectations higher, predicting a reflation of the economy in 2021 and possibly more booming returns for risk assets.

Yes, but: Others are warning that what's expected to be reflation could actually show up as inflation, a much less welcome phenomenon.