That intrigues me. The five year is 1.21. Now, at the short end, the minimum transaction costs is .14, the cost of jumping one notch up the curve. That is one banker pulling the slot. So, it thus takes three bankers to pull the slot when jumping from five to ten. The ratio of depositors to borrowers has changed, fewer depositors.
But, we are at a point when either technology changes and the bankers go away, or the banker cost of operating a low yields is not justified.
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