US 20-Year Yields Fall Below Longer Bonds by Most Since 2021

For a fleeting moment Monday morning, 20-year bonds were no longer offering the highest yields on the US Treasuries curve.

The tenor briefly traded below the longest-maturities by the most in almost four years, sending 20-year yields less than 1 basis point below the 30-year. By noon in New York, the 20-year was up roughly 5 basis points to about 4.99%, almost on par with yields on the longest-maturities. The earlier shift is a part of the broader steepening of the yield curve in recent months as traders demand higher return to hold long-term debt instead of shorter ones — making the 20-year more attractive than the longest-dated bonds.