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Data: Investing.com; Chart: Axios Visuals

Bond investors have been snapping up U.S. government debt in recent weeks, pushing yields back toward record lows.

Driving the news: Tuesday's auction of 7-year Treasury notes continued a trend of increased bids and lower yields.

  • It followed an auction of $48 billion of 2-year notes at a high yield of 0.155%, and $49 billion of 5-year notes at a high yield of 0.288%.
  • These auctions represent both the lowest yields ever for each maturity and the largest amounts ever, according to data from BMO Capital Markets rates strategist Ben Jeffery.

Why it matters: Despite the increasing size of the Treasury issuance to deal with the growing U.S. budget deficit, investor appetite has increased, suggesting strong investors demand for safe-haven assets.

Yes, but: Declining yields may also be helping drive down the value of the dollar, which is on pace for its worst monthly performance in a decade.

Go deeper

Dion Rabouin, author of Markets
Oct 27, 2020 - Economy & Business

The U.S.-China cold war is coming to financial markets

Illustration: Sarah Grillo/Axios

Ant Group's $34.5 billion IPO will make the Chinese fintech company the largest listing ever, and its choice to list its shares in Hong Kong and Shanghai rather than New York City marks a pivotal moment that could see the financial industry move towards China.

Why it matters: "This was the first time such a big listing, the largest in human history, was priced outside New York City," Ant Group founder Jack Ma told the Bund Summit in Shanghai Saturday. "We wouldn’t have dared to think about it five years, or even three years ago."

Biden will reverse Trump's attempt to lift COVID-related travel restrictions

Photo: Tasos Katopodis via Getty

The incoming Biden administration will reverse President Trump's last-minute order to lift COVID-19 related travel restrictions, Jen Psaki, the incoming White House press secretary, tweeted.

Why it matters: President Trump ordered entry bans lifted for travelers from the U.K., Ireland, Brazil and much of Europe to go into effect Jan. 26, but the Biden administration will "strengthen public health measures around international travel in order to further mitigate the spread of COVID-19," Jen Psaki said. Biden will be inaugurated on Wednesday, Jan. 20 and Trump will no longer be president by the time the order is set to go into effect.

Dominion sends cease and desist letter to My Pillow CEO Mike Lindell

Photo: Stephen Maturen/Getty Images

Dominion Voting Systems on Monday sent a cease and desist letter to My Pillow CEO Mike Lindell over his spread of misinformation related to the 2020 election.

Why it matters: Trump and several of his allies have pushed false conspiracy theories about the company, leading Dominion to take legal action. It's suing pro-Trump lawyer Sidney Powell for defamation and $1.3 billion in damages, and a Dominion employee has sued Trump himself, OANN and Newsmax.