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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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Trump tightens screws on ByteDance to sell Tiktok

Illustration: Aïda Amer/Axios

President Trump added more pressure Friday night on China-based TikTok parent ByteDance to exit the U.S., ordering it to divest all assets related to the U.S. operation of TikTok within 90 days.

Between the lines: The order means ByteDance must be wholly disentangled from TikTok in the U.S. by November. Trump had previously ordered TikTok banned if ByteDance hadn't struck a deal within 45 days. The new order likely means ByteDance has just another 45 days after that to fully close the deal, one White House source told Axios.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 21,056,850 — Total deaths: 762,293— Total recoveries: 13,100,902Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m ET: 5,306,215 — Total deaths: 168,334 — Total recoveries: 1,796,309 — Total tests: 65,676,624Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health — FDA releases first-ever list of medical supplies in shortage.
  4. States: California passes 600,000 confirmed coronavirus cases.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  7. Politics: Biden signals fall strategy with new ads.

Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.