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Data: FactSet; Chart: Axios Visuals

The acronym TINA (There Is No Alternative) had long been used to explain why investors piled into U.S. equities, but it may now apply to U.S. Treasuries.

State of play: After Monday's sell-off, the S&P 500 has erased all of its gains dating back a year, and the dollar, emerging market equities and oil are all negative during that period.

  • Treasuries have become the de-facto defensive asset for the market and "investors have to make sure that they have enough cash on the sidelines to meet whatever their cash needs are for at least the next year," Richard Steinberg, chief market strategist at The Colony Group, tells Axios.

On the other side: Benchmark 10-year Treasury yields (which move inversely to prices) have fallen by almost 150 basis points since the start of the year, meaning holders of U.S. government bonds have seen significant price appreciation.

  • Traditional safe havens gold and the Japanese yen have both gained a little more than 5% for investors year to date, but that is quaint in comparison to the staggering move in Treasury yields from their Jan. 1 levels.

Go deeper: Treasury yields are sinking toward record lows

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19 mins ago - Health

U.S., Canada and U.K. accuse Russia of trying to steal coronavirus vaccine research

Russian President Vladimir Putin. Photo: Alexei Druzhinin\TASS via Getty Images

Hackers associated with Russian intelligence services are trying to steal information from researchers involved in coronavirus vaccine development, according to a joint advisory by U.K., U.S. and Canadian authorities published Thursday.

The big picture: This isn't the first time a foreign adversary has been accused of attempting to steal COVID-19-related research. U.S. officials in May announced an uptick in Chinese-government affiliated hackers targeting medical research and other facilities in the U.S. for data on a potential cure or effective treatments to combat the virus.

M&A activity falls despite early coronavirus fears

Illustration: Aïda Amer/Axios

In April, several prominent Democrats proposed a moratorium on large mergers and acquisitions. Their argument was that the pandemic would embolden the strong to pounce on the weak, thus reducing competition.

Fast forward: The moratorium never materialized. Nor did the M&A feeding frenzy.

More than 32 million Americans are receiving unemployment benefits

Photo: Jay L. Clendenin / Los Angeles Times via Getty Images

More than 32 million Americans are receiving some form of unemployment benefits, according to data released by the Labor Department on Thursday.

Why it matters: Tens of millions of jobless Americans will soon have a smaller cash cushion — as coronavirus cases surge and certain parts of the country re-enter pandemic lockdowns — barring an extension of the more generous unemployment benefits that are set to expire at the end of the month.