Beginning in October 2024, an extended trend of declining long-term interest rates reversed course.
“The market’s higher yields are now pricing in better economic growth, but we’re not seeing higher inflation expectations, which is often what triggers an interest rate upturn.”
明白?
如今10年期yield比2年期更高,这不是因为美国国债卖不动,而是市场在expect better economic growth
如果国债卖不动,需求下降,市场对美国还债没信心,全部muturity的yield都会上升