A two-decade road trip for the US curve
Sep 23, 2026 · 9:55 PM UTC
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What comparing yields over 20 years does not reveal is the change in value of the stock of debt that the rise in yields has caused. 10 basis point rise on $40 trillion with an average duration of 6 years wipes out roughly $240 billion in market value overnight. Nonlinearities....
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