Stocks have been on an impressive run since election day, partly as a result of strong earnings, but also on the hope that unified Republican government in Washington will deliver tax and regulatory reform, along with more infrastructure spending. Take a look at the bond market, however, and investors there aren't so optimistic about Republican policies coming to fruition.

Falling bond yields: The yields on 10-year, U.S. government debt are down on Friday, and having fallen more than 5% on the year. That investors are demanding lower returns for lending money today than they were at the start of the year suggests that they are questioning the stock market's optimism toward future growth and inflation. As Dana Emery, CEO of fixed income at Dodge & Cox tells Morningstar Magazine, "it would be a mistake to push aside all the possible missteps [Trump could make] with respect to trade, immigration, and foreign policy . . . particularly China, because those uncertainties could create very dynamic market dislocations."

Go deeper

2 hours ago - Health

U.S. hits highest daily COVID-19 case count since pandemic began

Expand chart
COVID Tracking Project

The U.S. confirmed at least 83,010 coronavirus cases on Friday, the country's highest daily total since the pandemic started, according to data from the COVID Tracking Project.

By the numbers: Friday's total surpassed the U.S.'s previous record set on July 17 when 76,842 cases were recorded. 

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Fauci: Trump hasn't been to a COVID task force meeting in months.
  2. Sports: The youth sports exodus continues — Big Ten football is back.
  3. Health: AstraZeneca to resume vaccine trial in U.S.How to help save 130,000 lives.
  4. Retail: Santa won't greet kids at Macy's this year.
  5. World: Spain and France exceed 1 million cases.
4 hours ago - Health

Fauci: Trump hasn't been to a COVID task force meeting in months

Photo: Drew Angerer/Getty Images

President Trump has not attended a White House coronavirus task force meeting in “several months,” NIAID director Anthony Fauci told MSNBC on Friday.

Why it matters: At the beginning of the pandemic, the task force, led by Vice President Mike Pence, met every day, but in the "last several weeks," members have held virtual meetings once a week, Fauci said, even as the number of new cases continues to surge in the country.