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Data: FactSet; Chart: Andrew Witherspoon/Axios

The yield on the U.S. 10-year Treasury note fell below 1% for the first time ever after the Fed's unexpected rate cut.

The state of play: This drop might not be the end. "We expect Treasury yields to remain low and perhaps fall even lower," Charles Schwab chief fixed income strategist Kathy Jones wrote.

  • "Even though interest rates are already low, there is room for them to fall further. U.S. 10-year Treasury yields are still significantly above those in Europe and Japan, which implies that rates could converge longer-term."

Why it matters: Yields on the benchmark 10-year note have fallen by more than 90 basis points in just over two months in 2020, as bond market investors have priced in bad news all year.

  • "We’ve had one external shock after another," Bernard Baumohl, chief global economist at the Economic Outlook Group, tells Axios, pointing to doubts about the phase one U.S.-China trade deal and the targeted killing of Iranian Gen. Qassem Soleimani that preceded the coronavirus outbreak.

The bottom line: While the U.S. stock market has vacillated erratically between scaling all-time highs and record sell-offs, the bond market has been consistently bearish on the state of the economy.

Go deeper: Coronavirus fallout could be worse than the financial crisis

Go deeper

Updated 27 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 33,362,341 — Total deaths: 1,001,800 — Total recoveries: 23,153,572Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 7,149,073 — Total deaths: 205,069 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Business: Companies are still holding back earnings guidance.
  4. Health: Trump announces plan to distribute 150 million rapid tests —The childless vaccine.
  5. Media: Fauci: Some of what Fox News reports about COVID-19 is "outlandish"
  6. States: Cuomo extends New York moratorium on evictions until 2021.
  7. World: More than 1 million people have now died from coronavirus — India the second country after U.S. to hit 6 million cases.

Kentucky attorney general to release Breonna Taylor jury deliberations

Attorney Ben Crump places his hands on the shoulders Tamika Palmer, Breonna Taylor's mother, near a mural of her daughter at Jefferson Square Park on Sept. 25 in Louisville, Kentucky. Photo: Michael M. Santiago/Getty Images

Grand jury proceedings in the case of Breonna Taylor, an unarmed Black woman fatally shot by police, will be released on Wednesday, Kentucky Attorney General Daniel Cameron confirmed to news outlets.

Driving the news: Cameron's announcement late Monday came hours after a judge granted an unnamed juror's court motion seeking the release of last week's transcripts and related recordings.

Bob Woodward: "I was not going to hide" my opinion on Trump

Bob Woodward didn't want to join Senate Republicans in privately condemning President Trump but declining to do so publicly, he told Jonathan Swan in an interview for "Axios on HBO."

Why it matters: Woodward has covered 9 presidents, but Trump is the first that Woodward explicitly described as "the wrong man for the job."