The S&P 500 has gained 24% since April 1, but U.S. Treasuries have been almost entirely unmoved.
Why it matters: Since the Fed announced its QE4ever program (also known as QEinfinity) on March 23, the U.S. Treasury market has been effectively corralled.
Details: After moving from 1.88% on Jan. 2 to 0.62% on April 1, pricing in expected economic deterioration, the yield on the benchmark 10-year Treasury note has not closed above 0.77% or below 0.61% since.
Photo: Francine Orr/Los Angeles Times/Getty Images
The U.S. has already celebrated Easter, graduations and so much more during the coronavirus pandemic, and now it can add July 4 to the list.
The state of play: Axios' Stef Kight writes public parades and fireworks displays around much of the country are being canceled to prevent mass gatherings where the virus could spread. Hot-dog contests and concerts will play to empty stands and virtual audiences — all while American pride treads an all-time low.
Illustration: Aïda Amer/Axios
Illustration: Aïda Amer/Axios
The U.S. has reached new highs in single-day coronavirus infections for three consecutive days this week, per data from Johns Hopkins and the COVID Tracking Project.
The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Witherspoon and Caitlin Owens report.