Treasuries

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The Long End Stopped Waiting for the Fed

The funds rate has sat at 3.5 to 3.75 percent while the 30-year Treasury reached 5.31 percent last month, its highest in 19 years, and the 10-year went to levels last seen in 2023. A governor says he is inclined to hold. The long end is not arguing with him. It has stopped listening.

By Daniel Okafor 6 hours ago

The Long View

Every Long Bond Sold Off at Once. That Rules Out Most of the Explanations.

The ten-year Treasury reached its highest yield since November 2023 on Wednesday. On the same day Japanese ten-year debt passed 3 percent for the first time in thirty years, German yields hit a fourteen-year high and British yields an eighteen-year one. Four governments with four different problems do not usually move together.

By Daniel Okafor September 2, 2026

Treasuries

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The Long End Stopped Waiting for the Fed

Every Long Bond Sold Off at Once. That Rules Out Most of the Explanations.