Federal Reserve microphone Nick Timiraos: The study found that since August 2020, 90% of the increase in US 10-year Treasury yields has been concentrated in the three trading days before and after the release of the US non-farm payrolls report or the speeches of senior Federal Reserve officials, and these three trading days only account for 24% of the total trading day. The study also found that these trading days led to an 81% increase in the market's expectations for the average short-term interest rate over the next 10 years. This means that the rise in yield is not due to investors' concerns about holding long-term debt, but rather because the market is reevaluating their expectations for short-term interest rates.

Federal Reserve microphone Nick Timiraos: The study found that since August 2020, 90% of the increase in US 10-year Treasury yields has been concentrated in the three trading days before and after the release of the US non-farm payrolls report or the speeches of senior Federal Reserve officials, and these three trading days only account for 24% of the total trading day. The study also found that these trading days led to an 81% increase in the market's expectations for the average short-term interest rate over the next 10 years. This means that the rise in yield is not due to investors' concerns about holding long-term debt, but rather because the market is reevaluating their expectations for short-term interest rates.