Edward Conard

Top Ten New York Times Bestselling Author

  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “Unintended Consequences offers deep and well-argued analyses on almost every issue.” - The New York Times
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “A full-throated defense of economic dynamism.” - The Wall Street Journal
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
Upside of Inequality Oxford Unintended Consequences

AI Summary. The US 30-year Treasury yield surpassed 5.59%, a level last seen in 2002, amid a selloff across global debt markets, while the 10-year yield at 5.24% reached its highest since 2007 and two-year yields sat near 4.9%. A Bloomberg gauge shows Treasuries have lost 2.6% this year after a 6.3% gain the prior year.

Sydney Maki Bloomberg
Date Posted:

The US 30-year Treasury yield hit 5.61%, its highest level since 2002. The US 10-year Treasury yield rose to 5.281%.

Are long-term Treasury yields reaching their highest levels in decades?

Core argument: The US 30-year Treasury yield surpassed 5.59% to reach its highest level since 2002, rising for a sixth straight day amid a deepening selloff across global debt markets.

Yields on the US Treasury’s longest-dated bond rose for a sixth straight day, crossing another key threshold amid a deepening selloff across global debt markets. The 30-year rate surpassed 5.61% to touch a level last seen in 2002, in the wake of the dot-com bust. Treasuries have lost 2.6% so far this year, a Bloomberg gauge shows, compared with a 6.3% gain last year. And the selloff has hit debt across maturities, with the 10-year yield, at 5.281%, trading at its highest since 2007. Two-year yields are at about 4.9%, the last major maturity to linger below 5%.

Takeaways by Macro Roundup® AI

  1. The US 30-year Treasury yield surpassed 5.59% to reach its highest level since 2002, rising for a sixth straight day amid a deepening selloff across global debt markets.
  2. The 10-year Treasury yield hit 5.24%, its highest since 2007, while two-year yields stood at about 4.9%, the last major maturity below 5%.
  3. Treasuries have lost 2.6% so far this year on a Bloomberg gauge, compared with a 6.3% gain last year.

Related Articles:

  • America’s Risky Debt: What Markets See That Policymakers Don’t — Two market-based measures suggest the safety premium investors pay to hold US Treasuries has compressed toward zero and at times reversed: the spread between top-rated corporate bonds and Treasuries after stripping out default risk, and the gap between currency-hedged foreign G10 government yields and Treasury yields at the same maturity, where longer-maturity comparisons now favor foreign bonds.
  • Booms, Bombs and Bonds: Interest Rates, Part I — Because investors can buy bonds across borders, an investment boom in one country such as the United States can draw in loanable funds from abroad and push up interest rates in other nations. The linkage is not one-for-one, since investors also weigh expected exchange-rate changes and the resulting capital gains or losses.
  • Don’t Draw The Wrong Conclusion From Treasury Yields — Ten-year real yields equal the average expected overnight rate over the next decade plus a term premium, and fiscal credibility or debt sustainability concerns would show up as a higher term premium. With the term premium and inflation expectations contained, the increase in bond yields reflects higher expected long-term overnight rates.
Showing 246 database articles primarily about Financial Markets