Is that a misprint? Why does that happen? Relative to the two year, this is way too high, smart money might jump on this and roll it over. And smart money does with Vanguard style full curve funds.
There is a wedge fr foreign investors, they convert from and to local currencies. They pay an insurance cost. So, this insurance cost being volatile means domestic investors are slower to adapt.
Compounding the problem is Ned, the secretary of making interest payments. He is being forced onto the short end to reduce interest charges. driving the rate up.
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