- Banks have been buying US government agency bonds far more aggressively then they have been buying US Treasury bonds
- As a result, the US government agency yield curve may have increased significance relative to the US Treasury yield curve in this cycle
- Currently, the government agency yield curve is steeper than the Treasury yield curve, so there is the potential for the credit-led equity bull market to persist for a longer time than the 3-5 years that we are currently expecting
Sign up to access the rest of this content!
This content is not available to free users. Sign up for a paid account to access the rest of this content.