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The Treasury Department. Photo: Michael Brochstein/SOPA Images/LightRocket via Getty Images

Despite yields well below 3%, where they were as recently as November, Wednesday's 10-year Treasury note auction was very strong, with direct bidders taking double their average and the highest level since 2015.

Why it matters: Direct bidders include foreign buyers and U.S. institutions that don't do business directly with the Federal Reserve, so they're not compelled to buy government debt. The results show U.S. Treasuries are still very attractive, analysts say. But that may not be a good thing.

  • "If you are looking to add duration in preparation for an economic slowdown, getting 10 [year Treasuries] at 2.73% when they were at 2.54% on Friday seems like a pretty good deal," said Ben Jeffery, U.S. rates strategist at BMO Capital Markets.

The bottom line: While most economists have predicted slowing U.S. and global growth in 2019, Jeffery warns, "You would have to imagine there are at least some in the market playing for something more ominous."

Go deeper: The market rally that could signal a coming recession

Go deeper

Ina Fried, author of Login
40 mins ago - Technology

Google's parent shuts down effort to deliver internet via balloons

Image: Loon

Alphabet is shutting down Loon, one of its "moonshots," which aimed to deliver internet service via high-altitude balloons.

Why it matters: The effort was one of several approaches designed to get high-speed connectivity to some of the world's most remote spots and proved useful in the aftermath of disasters that shut down traditional infrastructure.

Dave Lawler, author of World
56 mins ago - World

What has and hasn't changed as Biden takes over U.S. foreign policy

Photo Illustration: Brendan Lynch/Axios. Photo: Chip Somodevilla/Getty Images

President Biden swiftly recommitted the U.S. to the Paris climate pact and the World Health Organization, but America's broader foreign policy is in a state of flux between the Trump and Biden eras.

Driving the news: One of the most striking moves from the Biden administration thus far was a show of continuity — concurring with the Trump administration's last-minute determination that China had committed "genocide" against Uyghur Muslims.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: New coronavirus cases down, but more bad news ahead — Fighting COVID-19's effects on gender equality.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: NYC postpones vaccine appointments following shipment delays — Private companies step in to fill vaccine logistics vacuum.
  4. World: Biden will order U.S. to rejoin World Health OrganizationBiden to bring U.S. into global COVAX initiative for equitable vaccine access.