• 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

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