The U.S. Treasury Department building on Pennsylvania Avenue. Photo: Paul J. Richards/AFP via Getty Images

Yield on the benchmark 10-year Treasury note hit 3% Tuesday for the first time since January 2014.

Why it matters: This impacts borrowing costs for the U.S. government, and means that servicing our debt could become more difficult (particularly as that debt is expected to grow due to the GOP tax plan).

  • Some investors focused on public equities could reallocate some money into fixed income.
  • The movement is a good sign for U.S. dollar strengthening.

Note: 3% is not just an arbitrary number. It's the sort of threshold that can influence market mentality.

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 12,813,864 — Total deaths: 566,790 — Total recoveries — 7,046,535Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 3,286,025 — Total deaths: 135,089 — Total recoveries: 995,576 — Total tested: 39,553,395Map.
  3. States: Florida smashes single-day record for new coronavirus cases with over 15,000 — Miami-Dade mayor says "it won't be long" until county's hospitals reach capacity.
  4. Public health: Ex-FDA chief projects "apex" of South's coronavirus curve in 2-3 weeks — Coronavirus testing czar: Lockdowns in hotspots "should be on the table"
  5. Education: Betsy DeVos says schools that don't reopen shouldn't get federal funds — Pelosi accuses Trump of "messing with the health of our children."

11 GOP congressional nominees support QAnon conspiracy

Lauren Boebert posing in her restaurant in Rifle, Colorado, on April 24. Photo: Emily Kask/AFP

At least 11 Republican congressional nominees have publicly supported or defended the QAnon conspiracy theory movement or some of its tenets — and more aligned with the movement may still find a way onto ballots this year.

Why it matters: Their progress shows how a fringe online forum built on unsubstantiated claims and flagged as a threat by the FBI is seeking a foothold in the U.S. political mainstream.

Lindsey Graham says he will ask Mueller to testify before Senate

Photo: Tasos Katopodis/Getty Images

Senate Judiciary Chairman Lindsey Graham (R-S.C.) tweeted Sunday that he will grant Democrats' request to call former special counsel Robert Mueller to testify before his committee.

The big picture: The announcement comes on the heels of Mueller publishing an op-ed in the Washington Post that defended the Russia investigation and conviction of Roger Stone, whose sentence was commuted by President Trump on Friday.