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Illustration: Lazaro Gamio/Axios
Stocks may be the safe asset now.
What's happening: Expectations for further central bank easing have pushed yields on long-term U.S. Treasury bonds to near all-time lows.
The Fed's 25 basis point cut last month means savers have seen the interest they earn from online banks fall by approximately 15 basis points to around 1.9%, according to data provided to Axios from savings fintech platform MaxMyInterest.
The intrigue: With the recent plunge in yields pushing the 30-year Treasury bond to a record low of 1.905%, and the 10-year yield below 1.5%, bonds are now riskier than stocks, argues Dev Kantesaria, portfolio manager and founder of Valley Forge Capital Management.
The big picture: Online savings accounts currently pay about 20 times more than the average from brick-and-mortar bank savings accounts, and even that is now less than what investors receive from the dividend on S&P 500 stocks.
Prime Minister Boris Johnson got his request to shut down British Parliament for several weeks approved by Queen Elizabeth, leaving less time to avoid a "no deal" Brexit. But investors don't appear overly concerned — at least for now.
By the numbers: The British pound fell by as much as 1.1% against the dollar on the news, but ended the day just over half a percent lower.
What they're saying: "The dip in the currency is in line with normal Brexit volatility," Dec Mullarkey, managing director at asset manager SLC Management, says in an email.
Be smart: The pound weakened after Johnson's proposal but remains comfortably above its lows from earlier this month when it fell to the lowest versus the dollar since early 1985. That the pound hasn't retested those levels shows the move is more political wrangling than genuine threat, Mullarkey adds.
Tiffany & Co.'s stock went on a wild ride Wednesday, after the company released its earnings results, with investors pushing it 5% lower after the opening bell and then taking it as much as 5% higher in morning trade.
The big picture: Tiffany warned its full-year revenue guidance was at risk if protests in Hong Kong continue.
The bottom line: Tiffany looks to be a company caught between a rock and a hard place, facing the twin headwinds of the U.S.-China trade war and mounting rebellion in Hong Kong, but investors showed they are still willing to buy the dip.
Illustration: Sarah Grillo/Axios
Even as it prepares to recover from another devastating storm, Puerto Rico is the only U.S. territory whose economic data isn't fully measured by the Commerce Department, Axios' Courtenay Brown writes.
Why it matters: It remains impossible to quantify how much the island's economic growth was stunted by Hurricane Maria's massive destruction 2 years ago — and it won't be easy to gauge any comparable impact from Hurricane Dorian.
Context: The Commerce Department has been grappling with Puerto Rico's data-gathering practices.
Driving the news: President Trump, whose track record on hurricane response to Puerto Rico has been heavily criticized, approved an emergency declaration for the island this week.
To be sure, Puerto Rico has been the center of massive government corruption, compounded by bankruptcy, instability and piles of debt — all made worse by natural disasters the island hasn't been able to bounce back from.