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.

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Felix Salmon, author of Capital
Oct 15, 2020 - Economy & Business

The importance of the auctions invented by the winners of the Nobel Prize in economics

Illustration: Sarah Grillo/Axios

Economics is disparaged as "the dismal science" for good reason. And governments are rarely upheld as paragons of efficiency. But Paul Milgrom and Robert Wilson, the winners of this year's Nobel Prize in economics, have helped governments around the world create hundreds of billions of dollars of value with an astonishing level of sophistication and efficiency.

Why it matters: The auctions designed by the winners of this year's prize were initially used to allocate electromagnetic spectrum for cellphone communication. Since then, they've been used to price everything from airport landing slots to carbon-emission credits, in a manner that is fair, efficient, and effective.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Chris Christie: Wear a mask "or you may regret it — as I did" — Senate Democrats block vote on McConnell's targeted relief bill.
  2. Business: New state unemployment filings fall.
  3. Economy: Why the stimulus delay isn't a crisis (yet).
  4. Health: FDA approves Gilead's remdesivir as a coronavirus treatment How the pandemic might endMany U.S. deaths were avoidable.
  5. Education: Boston and Chicago send students back home for online learning.
  6. World: Spain and France exceed 1 million cases.

Early voting eclipses 2016 total with 12 days until election

People stand in line to vote early in Fairfax, Virginia in September. Photo: Tasos Katopodis/Getty Images

Americans have cast more than 47.1 million ballots in the 2020 presidential election, surpassing the total early-vote count for 2016 with 12 days left until Election Day, according to a Washington Post analysis of voting data.

Why it matters: The election is already underway, as many states have expanded early and mail-in voting options because of the coronavirus pandemic.