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Data: FactSet; Chart: Axios Visuals

The bond market set a significant milestone on Thursday, with bond yields — as measured by the yield on the benchmark 10-year Treasury note — dropping below 1.3% for the first time in history.

By the numbers: The yield was above 3% as recently as November 2018.

Why it matters: The ultra-low yield on U.S. bonds indicates that the market is very somber about the future. It means that...

  • Long-term inflation expectations are well below the Fed's 2% target rate.
  • Long-term growth expectations are also pretty mediocre.
  • Bearish demand for ultra-safe assets is projected to remain very strong for a decade at least.

Low interest rates also prove that trillion-dollar annual deficits don't cause rates to rise. Quite the opposite, it would seem. At least the government is spending those trillions, rather than trying to save them for some rainy day.

Go deeper: Treasury yields are sinking toward record lows

Go deeper

Updated 1 hour ago - Politics & Policy

Republicans condemn Trump's refusal to commit to peaceful transfer of power

Photo: Joshua Roberts/Getty Images

A number of prominent Republican lawmakers addressed President Trump's refusal on Wednesday to commit to a peaceful transfer of power if he loses November's presidential election.

Driving the news: Senate Majority Leader Mitch McConnell tweeted, "The winner of the November 3rd election will be inaugurated on January 20th. There will be an orderly transition just as there has been every four years since 1792."

2 hours ago - Technology

Pandemic spurs journalists to go it alone via email

Illustration: Aïda Amer/Axios

A slew of high-profile journalists have recently announced they are leaving newsrooms to launch their own, independent brands, mostly via email newsletters.

Context: Many of those writers, working with new technology companies like Substack, TinyLetter, Lede, or Ghost, have made the transition amid the pandemic.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 31,926,175 — Total deaths: 977,357 — Total recoveries: 22,004,598Map.
  2. U.S.: Total confirmed cases as of 9 a.m ET: 6,935,556 — Total deaths: 201,920 — Total recoveries: 2,670,256 — Total tests: 97,459,742Map.
  3. Health: The coronavirus is surging again — Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  4. Politics: Missouri Gov. Mike Parson tests positive for coronavirus — Poll says 51% of Republicans trust Trump on coronavirus more than the CDC.
  5. Technology: The tech solutions of 2020 may be sapping our resolve to beat the coronavirus
  6. Sports: Here's what college basketball will look like this season.

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