美国20年期国债收益率近四年来首次收盘低于30年期国债

Core Viewpoint - The 20-year U.S. Treasury yield closed below the 30-year yield for the first time in nearly four years, indicating a normalization of the long end of the yield curve [1] Group 1: Yield Curve Dynamics - The long-term Treasury yields have been rising due to market expectations that the Federal Reserve will begin to cut interest rates [1] - The increase in yields is also attributed to bets that expanding fiscal deficits will lead to an increase in Treasury supply [1] Group 2: Historical Context - On Monday, the 30-year Treasury yield was slightly higher than the 20-year yield, marking the first occurrence since October 2021 [1] - In 2022, the Federal Reserve's rate hike cycle caused yields across all maturities to rise, with the 20-year yield at one point exceeding the 30-year yield by as much as 30 basis points [1]