The Treasury Department. Photo: Chip Somodevilla/Getty Images

Demand for benchmark 10-year notes at Wednesday's U.S. Treasury auction was the worst in a decade, data shows, following Tuesday's sleepy 3-year Treasury note auction that also drew lackluster demand.

Why it matters: The historically weak auctions have come despite falling stock prices and strong buying of safe-haven U.S. debt for much of the year, showing diminishing appetite among some investors.

Worth noting: Data on foreign buyers of Treasury notes is reported on a lag, so it's not yet possible to know whether diminishing Chinese purchases are responsible. However, foreign investors, especially China and Japan, have accounted for a declining share of U.S. government debt buys during the early months of the year.

  • Traders tell Axios there's no clear fundamental reason for the drop.

Go deeper: Bond yields are at historic lows around the world

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Facebook boycott organizers share details on their Zuckerberg meeting

Facebook is in the midst of the largest ad boycott in its history, with nearly 1,000 brands having stopped paid advertising in July because they feel Facebook hasn't done enough to remove hate speech from its namesake app and Instagram.

Axios Re:Cap spoke with the boycott's four main organizers, who met on Tuesday with CEO Mark Zuckerberg and other top Facebook executives, to learn why they organized the boycott, what they took from the meeting, and what comes next.

Boycott organizers slam Facebook following tense virtual meeting

Illustration: Sarah Grillo/Axios

Civil rights leaders blasted Facebook's top executives shortly after speaking with them on Tuesday, saying that the tech giant's leaders "failed to meet the moment" and were "more interested in having a dialogue than producing outcomes."

Why it matters: The likely fallout from the meeting is that the growing boycott of Facebook's advertising platform, which has reached nearly 1000 companies in less than a month, will extend longer than previously anticipated, deepening Facebook's public relations nightmare.

Steve Scalise PAC invites donors to fundraiser at Disney World

Photo: Kevin Lamarque-Pool/Getty Images

House Minority Whip Steve Scalise’s PAC is inviting lobbyists to attend a four-day “Summer Meeting” at Disney World's Polynesian Village in Florida, all but daring donors to swallow their concern about coronavirus and contribute $10,000 to his leadership PAC.

Why it matters: Scalise appears to be the first House lawmakers to host an in-person destination fundraiser since the severity of pandemic became clear. The invite for the “Summer Meeting” for the Scalise Leadership Fund, obtained by Axios, makes no mention of COVID-19.