Long term Treasury yields are structurally repricing higher
A steepening yield curve and soft auction metrics signal that investors are demanding a permanent term premium for long duration debt.
Macro
2 independent reports
Short duration Treasury yields are structurally cheapening as auction demand softens
The latest 2 Year note auction cleared at a higher yield with weak indirect participation, signaling a shift in the short end of the curve as buyers demand more premium to absorb the growing supply of government debt.