New York
IT TAKES a lot to rattle Treasuries traders these days.
Not since 1962, when John F Kennedy was president and Bob Dylan released his first album, have they demanded less compensation to own a long-term US government bond rather than a shorter one. In fact, they don't demand anything at all. A Federal Reserve Bank of New York measure of the 10-year term premium, a product of the perceived riskiness of longer-dated securities, fell to negative 0.38 percentage point on Tuesday. Many bond professionals...
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