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Data: Investing.com; Chart: Axios Visuals

The newly reissued 20-year U.S. Treasury bond saw strong demand in its second auction of 2020 on Wednesday, selling $17 billion worth of notes for a high yield of 1.31%.

Why it matters: That was around two basis points lower than where they had traded before the auction and yields declined further to 1.24% in overnight trading.

  • The market movement suggests a continued appetite for safe-haven U.S. government debt at all maturities.

The big picture: Treasury yields have broadly declined recently. Benchmark 10-year yields have fallen by nearly 30 basis points from 11-week highs reached on June 5 after the release of the May U.S. jobs report.

Flashback: The government saw weak demand for its auction of the 20-year note in May that was the first for that maturity since 1986. It relaunched the bond to help finance the significant increases in spending.

Go deeper

Dion Rabouin, author of Markets
Sep 24, 2020 - Economy & Business

The stock market's not-enough tantrum

Illustration: Eniola Odetunde/Axios

The market looks like it may be throwing another tantrum, investors say. But the cause is different this time around.

What's happening: This selloff is beginning to look like the 2013 taper tantrum, which roiled markets as U.S. government yields rose in response to an expected reduction of the Fed's quantitative easing (QE) program.

59 mins ago - World

U.S. strikes Iran-backed militia structures in Syria

President Biden at the Pentagon on Feb. 10. Photo: Alex Brandon - Pool/Getty Images

The United States on Thursday carried out an airstrike against facilities in Syria linked to an Iran-backed militia group, the Pentagon announced.

The state of play: The strike, approved by President Biden, comes "in response to recent attacks against American and Coalition personnel in Iraq, and to ongoing threats to those personnel," Pentagon press secretary John Kirby said in a statement.

Senate parliamentarian rules $15 minimum wage cannot be included in relief package

Photo: Al Drago/Getty Images

The Senate parliamentarian ruled Thursday that the provision to increase the minimum wage to $15/hour cannot be included in the broader $1.9 trillion COVID relief package.

Why it matters: It's now very likely that any increase in the minimum wage will need bipartisan support, as the provision cannot be passed with the simple Senate majority that Democrats are aiming to use for President Biden's rescue bill.