The term premium for 10-year Treasuries, or the extra compensation investors
demand to hold them instead of a series of shorter-dated notes that
incorporates added risks such as inflation over time, tumbled to negative 0.38 percent Tuesday, reaching its lowest level since the early 1960s. The Federal Reserve Bank of New York’s measure has been negative for most of 2016 as global demand for relatively higher yielding U.S. debt outweighs concern over unexpected inflation, economic growth or monetary-policy actions.

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