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Data: Yahoo! Finance, U.S. Dept. of the Treasury; Chart: Chris Canipe/Axios

It appears nothing can move long-dated U.S. Treasury yields higher. At around 2.6%, the yield on benchmark 10-year notes is almost unchanged from where it was in late 2017 just before the enactment of the Tax Cut & Jobs Act.

Why it matters: Ed Yardeni, president and chief investment strategist at Yardeni Research, argues in a recent note to clients that the yield curve is signaling "weak global economic growth and low inflation without necessarily implying a recession in the U.S."

By the numbers: Yardeni notes that since the Tax Cut & Jobs Act, "the 12-month federal budget deficit has ballooned from $681 billion through December 2017 to $914 billion through January 2019."

That explains the strong rebound in U.S. stocks so far this year, he says. Credit spreads "also support this thesis" as the difference between the 10-year Treasury yield and high yield corporate bonds has fallen significantly since Dec. 24.

The bottom line: "Perhaps," Yardeni writes, "there is too much pessimism about the global economic outlook."

Go deeper: Last week, U.S. Treasury yields fell to their lowest level in about 2 months

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Hurricane Zeta makes landfall in Mexico ahead of expected arrival in U.S.

Hurricane Zeta's forecast path. Photo: National Hurricane Center

Hurricane Zeta made landfall on Mexico's Yucatan Peninsula as a Category 1 storm late Monday packing maximum sustained winds of 80 mph, per the National Hurricane Center.

The state of play: Louisiana Gov. John Bel Edwards (D) declared a state of emergency Monday as Zeta strengthened into a hurricane earlier Monday.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging — Pence no longer expected to attend Barrett confirmation vote after COVID exposure.
  2. Health: 13 states set single-day case records last week
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events
  6. World: Unrest in Italy as restrictions grow across Europe.
  7. Media: Fox News president and several hosts advised to quarantine.
Updated 1 hour ago - World

In photos: Unrest in Italy as coronavirus restrictions grow across Europe

An anti-government demonstration against the economic consequences of the new measures in Turin, Italy, where luxury stores were "ransacked," on Oct. 26, the Guardian reports. Photo: Diego Puletto/Getty Images

Protests in Italy against fresh COVID-19 pandemic restrictions that came into effect Monday descended into violence in Milan and and Turin, where police used tear gas to disperse demonstrators, per the Guardian.

The big picture: The protests in Italian cities still reeling from the first lockdown mark some of the biggest resistance against measures seen yet as restrictions return across Europe, which is facing a second coronavirus wave. From Denmark to Romania, this is what's been happening, in photos.