Illustration: Rebecca Zisser/Axios

A 12-month certificate of deposit at some U.S. banks now pays more than a 10-year U.S. Treasury note. Northeast Bank's ableBanking offers a rate of 2.90% on its 12-month CD. That's almost 25 basis points more than the 10-year U.S. Treasury yield late Friday.

Why it matters: Since the financial crisis, Americans looking to earn money by saving rather than investing have been out of luck as interest rates available at banks have hovered at close to zero. But those days are over. At least for now.

  • Traditional savings accounts, which are FDIC insured up to $250,000 and are about the most liquid instruments on the planet, are starting to offer rates competitive with U.S. Treasuries. CIT Bank is offering a 2.45% interest rate for accounts with a minimum investment of just $100. Goldman Sachs' Marcus and BBVA Compass are both offering 2.25% on savings accounts, with a $1 minimum for Marcus.
  • Any positive numbers look attractive in light of the fact that the S&P 500 lost 6.2% in 2018.
"For those that are seeking out top-yielding accounts this is the first time in a decade that you’ve been able to earn a return on your investment that’s above the rate of inflation. You’re talking about preserving the buying power of your money, which is really a big deal."
— Greg McBride, chief financial analyst at Bankrate.com.

Our thought bubble: With increased volatility in the stock market, and with the knowledge that a 12-month CD would have outperformed the S&P by a full 8 percentage points (!!!) in 2018, expect more managers to start singing the praises of cash. This could in turn pull more money out of the stock market.

  • The Goldman Sachs economic research team noted in its most recent 2019 preview that they remain underweight bonds and overweight cash, "which in USD terms has become increasingly attractive."

Go deeper: Americans are barely in control of their money

Go deeper

Trump says he intends to give RNC speech on White House lawn

President Trump speaking to reporters on South Lawn in July. Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump told the New York Post on Thursday that he plans to deliver his Republican National Convention speech from the White House lawn, despite bipartisan criticism of the optics and legality of the location.

Why it matters: Previous presidents avoided blurring staged campaign-style events — like party conventions — with official business of governing on the White House premises, per Politico.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 20,739,537 — Total deaths: 751,910— Total recoveries: 12,895,242Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 5,242,184 — Total deaths: 166,971 — Total recoveries: 1,755,225 — Total tests: 64,612,034Map.
  3. Politics: House Democrats to investigate scientist leading "Operation Warp Speed" vaccine projectMcConnell announces Senate will not hold votes until Sept. 8 unless stimulus deal is reached.
  4. 2020: Biden calls for 3-month national mask mandateBiden and Harris to receive coronavirus briefings 4 times a week.
  5. States: Georgia Gov. Brian Kemp to drop lawsuit over Atlanta's mask mandate.
  6. Business: Why the CARES Act makes 2020 the best year for companies to lose money.
  7. Public health: Fauci's guidance on pre-vaccine coronavirus treatments Cases are falling, but don't get too comfortable.

Fauci's guidance on pre-vaccine coronavirus treatments

Illustration: Aïda Amer/Axios

Antibody drugs and various medicine cocktails against the coronavirus are progressing and may provide some relief before vaccines.

The big picture: Everyone wants to know how and when they can return to "normal" life, as vaccines are not expected to be ready for most Americans for at least a year. Two therapies are known to be helpful, and more could be announced by late September, NIAID Director Anthony Fauci tells Axios.