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The Bond Investing Podcast with Fexingo: Treasuries, Corporate Bonds, and Fixed Income Strategy
The Bond Investing Podcast with Fexingo: Treasuries, Corporate Bonds, and Fixed Income Strategy
The Bond Investing Podcast with Fexingo is a fixed-income show hosted by Lucas and Luna. Each episode focuses on one part of the bond market, from Treasury auctions and yield curves to investment-grade corporate debt, high-yield bonds, and municipal paper. The hosts use current market data such as 10-year yields, Fed rate expectations, and credit spreads to explain duration, convexity, and call provisions. They connect bond mechanics like ladders and TIPS strategies to practical questions for retirees, pension funds, and advisors. The show is aimed at professional investors, financial advisors, and serious individual bond buyers.
Episodes
The Liquidity Trap in Long Duration Bonds
With the ten-year Treasury yield holding near five point two four percent and the spread between short and long rates at just forty-two basis points, bond investors face a unique structural risk. This episode examines how the illiquidity premium in long-duration fixed income is being mispriced as a safety feature rather than a trap. Lucas and Luna break down why corporate debt and private credit a
Why Bond Investors Are Ignoring The Yield Curve
The bull market turned four years old this week, yet the yield curve remains inverted at just forty-four basis points. Lucas and Luna explore why short-term Treasury yields are defying the Fed's higher-for-longer stance while long-end rates drift lower. We break down the mechanics of the three-month bill rally, the structural demand from foreign central banks, and why chasing duration in corporate
Why JPMorgan Sees A Once In A Generation Bond Opportunity
JPMorgan recently labeled the current fixed income environment a once in a generation opportunity, but Lucas and Luna dig into what that actually means for your portfolio right now. With the ten-year Treasury yield sitting at five point two two percent and the Fed Funds rate holding steady near three point seven five percent, the spread between short-term cash and long-term debt is narrowing. We b
Why Short-Term Rates Are Defying The Fed
On October 11, 2026, the ten-year Treasury yield sits at 5.22 percent while the three-month bill holds at 4.23 percent. Lucas and Luna dissect why the short end of the curve is refusing to follow the long end lower, despite JPMorgan’s bullish call on fixed income. We explore the structural disconnect between money market funds and institutional balance sheets, and what this specific spread tells u
How Private Credit Is Rewiring Fixed Income
The bond market is undergoing a quiet structural shift as private credit assets swell past one trillion dollars, challenging traditional corporate debt models. Lucas and Luna break down why this non-bank lending boom is reshaping risk pricing for institutional investors, focusing on the spread between public high-yield bonds and private placements in late 2026. With Treasury yields hovering near f
The Bond Market's Silent Structural Shift
With the ten-year Treasury yield holding near five point two eight percent and the yield curve steepening to forty-seven basis points, the old rules of duration risk are breaking down. Lucas and Luna dissect why investors who chased shorter-term bills are now facing a liquidity squeeze in the corporate bond market. They examine how private credit is filling the void left by traditional banks and w
How Bond Investors Are Pricing In The Fed Hike
With the ten-year Treasury yield holding at five point two seven percent and Fed officials hinting at another rate hike, fixed income investors face a critical dilemma. Lucas and Luna dissect how the bond market is interpreting mixed signals from Washington versus reality on the ground. They examine why short-term rates are decoupling from longer maturities and what this means for portfolio durati
Why Bond Investors Are Ignoring The Yield Curve
Lucas and Luna dissect the disconnect between record-high equity valuations and stubbornly elevated Treasury yields in October 2026. With the ten-year yield holding near five point three percent and the Fed Funds rate effectively capped at three point seven five, they explore why traditional duration strategies are failing and how investors are pivoting to credit spreads instead. Using concrete da
Why Bond Investors Are Chasing Duration Risk
With the ten-year Treasury yield holding near five point two eight percent and the two-year rate at four point eight three, the spread is tightening but remains positive. Lucas and Luna break down why fixed-income investors are increasingly uncomfortable with long-duration assets despite the steepening curve. They examine the structural shift away from Treasury bills toward corporate debt and long
How Treasury Bills Are Outperforming Longer Bonds
With the ten-year Treasury yield sitting at five point two four percent and the Fed Funds rate holding steady near three point eight eight, investors are facing a critical choice: chase duration or stay short. Lucas and Luna dissect why the three-month Treasury bill, yielding four point one seven percent, is becoming the smarter play for capital preservation in October 2026. They analyze the struc
Why The Bond Market Is Ignoring The Fed
Lucas and Luna dissect why the ten-year Treasury yield has climbed to five point two four percent despite market pricing out any chance of a rate hike in October. They explore how structural supply issues, rather than inflation fears or aggressive Fed policy, are now driving long-end rates higher. The conversation highlights the disconnect between short-term money markets and the long bond, using
The Bond Market's Quiet Structural Shift
With the ten-year Treasury yield hovering near five point two four percent and the Fed Funds rate steady at three point seventy-five, fixed income investors are facing a new reality. This episode examines how the bond market is pricing in a hard landing despite weak jobs data, forcing portfolio managers to rethink duration risk. We look at why chasing yield in corporate debt may be trapping invest
The Bond Market's New Credit Trap
With the ten-year Treasury yield holding above five percent and corporate credit spreads tightening, investors face a deceptive opportunity. We examine why chasing yield in high-yield bonds today may be masking rising default risks that historical models aren't catching. This episode breaks down the specific mechanics of how cheap debt is distorting valuation metrics and what fixed income strategi
The Hidden Cost of the Steepening Yield Curve
With the ten-year Treasury yield sitting at five point two six percent and the two-year at four point eight nine, the yield curve is steepening. Lucas and Luna explore why this structural shift traps investors who chase duration risk in corporate bonds. They break down the specific mechanics of spread compression, why short-duration Treasuries are losing their allure, and how to position a fixed-i
How Private Credit Is Rewiring Fixed Income
Private credit funds have surged past three trillion dollars in assets, fundamentally altering the bond market's liquidity landscape. Lucas and Luna explore how non-bank lenders are filling the gap left by traditional banks post-2023 regional banking stress. They examine the risks of opaque pricing in leveraged loans, the disconnect between public high-yield spreads and private deal terms, and why
How AI Debt Is Rewiring Bond Markets
With the ten-year Treasury yield holding near five point one seven percent and short-term rates staying elevated, the bond market is facing a new structural pressure: debt-hungry artificial intelligence companies. This episode explores how rising yields are squeezing capital expenditure plans for tech giants and startups alike, forcing a shift from aggressive growth financing to disciplined cash f
How AI Debt Is Reshaping Bond Markets
With the ten-year Treasury yield hitting five point one eight percent, debt-hungry artificial intelligence companies are facing a brutal reality check. We examine how rising borrowing costs are forcing tech firms to restructure their capital stacks, shifting from speculative growth bonds to structured credit. The conversation explores why traditional duration plays are failing and what the spread
How High Rates Are Rewiring Corporate Debt
With the ten-year Treasury yield holding near five point one eight percent and the Fed Funds rate effectively locked around three point six to three point nine percent, corporate borrowers are facing a structural wall. We break down how this spread compression is forcing companies to shift from long-term fixed debt to floating-rate notes and shorter maturities. Lucas and Luna examine the hidden ri
The Bond Market's Silent Inflation Shock
With the ten-year Treasury yield climbing past five point one eight percent and the thirty-year rate hitting five point four seven, fixed income investors are facing a new structural reality. Lucas and Luna break down why the bond market is repricing inflation expectations in real time, focusing on the widening spread between short-term bills and long-dated debt. We examine how this shift impacts
Why The Yield Curve Steepening Is A Bond Trap
With the ten-year Treasury yield climbing above five percent and the spread widening to thirty-one basis points, investors are tempted by steepener trades. But as Philadelphia Fed President Anna Paulson hints at modest rate moves, the real risk lies in how corporate credit spreads behave when short-end rates rise faster than long-end yields. We break down why chasing duration in this environment m
Why Bond Investors Are Chasing Duration Risk
With the ten-year Treasury yield hovering near five percent and the two-year yield dipping, the yield curve is showing early signs of steepening. Lucas and Luna explore why fixed-income investors are increasingly buying longer-dated bonds despite rate uncertainty. They examine the mechanics of duration risk, the impact of recent U.S.-China trade truce news on corporate credit spreads, and whether
The Bond Market's Quiet Structural Shift
Lucas and Luna explore how the Treasury market is evolving from a passive liquidity pool into an active pricing engine. With the ten-year yield at 4.96 percent and the two-year holding steady, they analyze what this specific spread tells us about investor behavior and long-term rate expectations. The conversation dives into the mechanics of why duration risk is being redefined not by volatility al
The Silent Risk of Treasury Bill Laddering
With the ten-year Treasury yield holding near five percent and the two-year at four point seven six, investors are flocking to short-dated bills. But this episode explores the hidden liquidity trap in Treasury bill laddering. Lucas and Luna break down how rolling over ninety-day and one-hundred-eighty-day notes exposes portfolios to rapid reinvestment risk when the Fed Funds rate is stuck at three
How The Treasury Bill Ladder Beats Higher Rates
With the ten-year yield sitting near five percent and short-term bills offering nearly four, investors are facing a critical choice: lock in longer duration risk or stack high-yielding Treasuries. Lucas and Luna break down the mechanics of the bill ladder strategy, using real numbers from September 2026 to show why this approach minimizes interest rate exposure while capturing current income. They
Why The Fed Funds Rate Gap Traps Bond Investors
With the ten-year Treasury yield hovering near five percent and the effective Fed Funds rate diverging from policy targets, fixed income investors face a new structural trap. Lucas and Luna break down the mechanics of the spread between overnight borrowing costs and long-term yields, explaining why traditional duration plays are failing in this specific market environment. They examine recent data
How The Fed Funds Rate Gap Traps Fixed Income Investors
Lucas and Luna dissect the widening gap between the thirty-nine percent interest on reserve balances and the thirty-eight-eight percent effective fed funds rate. With the ten-year Treasury yield holding near four-point nine-four, they explore how this structural divergence in short-term rates is creating a liquidity trap for retail bond investors. Using specific data from mid-September two thousan
The Liquidity Crunch in Private Credit
With the ten-year Treasury yield holding near five percent and short-term rates climbing, private credit funds are facing an unexpected liquidity squeeze. Lucas and Luna explore how this illiquid asset class, once considered a safe haven for yield, is now grappling with redemption pressures and valuation uncertainty. They examine the structural risks of locking up capital in long-dated corporate d
How The Fed Hike Rewires Your Bond Portfolio
With the Federal Reserve raising rates on September sixteen and signaling one more move before year end, fixed income investors face a critical pivot. We break down how the jump in interest on reserve balances to three point nine percent changes the calculus for short-term cash management versus longer-duration Treasuries. Lucas and Luna analyze why the ten-year yield holding near five percent cre
Why The Yield Curve Is Flattening Before It Steepens
With the ten-year Treasury yield hovering near five percent and the two-year at four point six five, the market is pricing in a complex dance between sticky inflation and slowing growth. Lucas and Luna dissect why the recent compression in the two-to-ten spread might be a temporary liquidity glitch rather than a recession signal. They explore how corporate credit spreads are widening independently
How The Bond Market Is Pricing In A Hard Landing
With the ten-year Treasury yield holding near four point ninety-six percent and the two-year sitting at four point sixty-three, the bond market is sending a confusing signal. Lucas and Luna break down why investors are suddenly buying long-dated debt despite sticky inflation data. They examine the narrowing spread between short and long rates, what it tells us about growth expectations, and how th
How Real Rates Are Trapping Investors
With the ten-year Treasury yield sitting at four point ninety five percent and the Fed Funds rate holding steady at three point six three, the gap between nominal yields and inflation expectations is widening. We explore how this shift in real rates is forcing fixed income investors to rethink duration risk, why corporate credit spreads are tightening despite higher borrowing costs, and what it me
The Real Cost of Short Duration in Corporate Bonds
With the ten-year Treasury yield climbing to nearly five percent and credit spreads tightening, investors are facing a new dilemma. In this episode, Lucas and Luna dissect why the traditional 'buy and hold' corporate bond strategy is losing its edge in September 2026. We look at specific data from investment-grade issuers, exploring how rising rates are squeezing margins for companies that once re
How The Carry Trade Is Reshaping Fixed Income
With the ten-year Treasury yield holding near four point ninety five percent and the two-year sitting at four point fifty six, the yield curve has flattened to just thirty-three basis points. Lucas and Luna break down why this compression is making the bond carry trade one of the most active strategies in fixed income right now. They explore how investors are borrowing short-term Treasuries to buy
How Floating Rate Notes Beat Rising Yields
With the ten-year Treasury yield holding near four point eight three percent and short-term rates climbing, fixed income investors are facing a new reality. We explore how floating rate notes are offering higher yields with less duration risk in today’s environment. Lucas and Luna break down why these instruments are quietly reshaping portfolio construction for those worried about rate volatility.
The Bond Market's New Quiet Risk
With the ten-year Treasury yield sitting at four point eight percent and the two-year at four point three nine, the bond market is signaling something subtle but significant. In this episode of The Bond Investing Podcast, Lucas and Luna break down why the recent compression in the twenty-one zero spread isn't just a technical glitch—it's a warning light for liquidity providers who are pulling back
The Hidden Cost of Short Duration in Corporate Bonds
With the ten-year Treasury yield hovering near 4.78 percent and the two-year at 4.37 percent, the yield curve is steepening but credit spreads are tightening unexpectedly. Lucas and Luna explore why investors are flocking to short-duration corporate bonds despite rising long-term rates. They examine the liquidity premium in high-grade investment grade debt, using real portfolio math to show how du
The Hidden Cost of Short Duration in Corporate Bonds
Lucas and Luna explore why short-duration corporate bonds are underperforming despite the Fed Funds rate sitting flat at 3.63 percent. With the ten-year Treasury yield holding near 4.77 percent, investors are chasing yield in lower-quality credit without realizing they are taking on significant duration risk disguised as safety. They examine how the 2-10 spread compressing to 0.41 percent is forci
How Treasury Liquidity Is Rewiring Bond Market Structure
The US Treasury market is the deepest and most liquid in the world, but recent structural shifts are testing that advantage. We examine how high yields and changing dealer balance sheet constraints are impacting bid-ask spreads and execution quality for large institutional trades. Lucas and Luna break down why the mechanics of buying government debt have changed, using the current ten-year yield a
The Liquidity Trap in Corporate Credit Spreads
With the ten-year Treasury yield sitting at 4.77 percent and corporate credit spreads tightening to near-record lows, investors are mistaking liquidity for safety. This episode dissects why investment-grade bond funds like LQD are trading with such thin margins despite rising rate volatility. We examine the mechanical pressure from pension liabilities and insurance mandates that forces steady buyi
How TIPS Protect Your Portfolio From Hidden Inflation
Inflation is no longer a headline risk but a structural drag on fixed income portfolios. We examine how Treasury Inflation-Protected Securities use the CPI-U to adjust principal, offering real yield protection when nominal yields are sticky. With the ten-year yield at 4.77 percent and inflation expectations embedded in spreads, we explore whether TIPS offer better value than nominal Treasuries for
The Real Cost of Short-Term Treasury Yields
With the ten-year Treasury yield sitting at 4.79 percent and the two-year at 4.39 percent, the curve is technically inverted but flattening fast. We drill into why investors are suddenly chasing the three-month bill yielding nearly four percent instead of locking in longer duration. Using New York Fed commentary on strong economic prospects as our anchor, we explore how this shift is reshaping cas
How Duration Risk Is Rewiring Fixed Income
With the ten-year Treasury yield climbing to 4.79 percent and the thirty-year hitting 5.27 percent, fixed income investors are facing a sharp rise in duration risk. Lucas and Luna break down why long-duration bonds are selling off harder than short-term bills, how the 2-10 spread staying flat at 0.40 percent signals a unique market dynamic, and what this means for corporate credit spreads in LQD a
How Credit Spreads Are Rewiring Corporate Bond Portfolios
With the ten-year Treasury yield holding near 4.75 percent and corporate credit spreads tightening despite a hawkish Fed Governor, investors are facing a new reality in fixed income. Lucas and Luna dissect why high-grade corporate bonds are outperforming Treasuries on a risk-adjusted basis this September 2026. They break down the mechanics of investment-grade versus high-yield spread compression,
How the 30-Year Yield at 5.22 Is Reshaping Pension Buyout Strategies
The 30-year Treasury yield has climbed to 5.22 percent, and that number is quietly rewriting the math for corporate pension funds. In this episode, Lucas and Luna dig into how higher long-duration yields are shifting the economics of pension risk transfers — the deals where insurers take on a company's pension liabilities. With corporate bond yields also elevated, insurers are finding attractive r
Why the 30-Year Yield at 5.19 Is Luring Foreign Buyers
Foreign investors are piling into US long bonds as the 30-year Treasury yield hovers near 5.2 percent. In this episode, Lucas and Luna break down the mechanics of foreign buying — from currency hedging to the allure of dollar-denominated yields — and explain why two seemingly mundane data points (the yield spread and the dollar's steadiness) are quietly shaping cross-border capital flows. They als
How the 30-Year Yield at 5.19 Is Reshaping Bond Ladders
In this episode of The Bond Investing Podcast, Lucas and Luna dive into a surprising shift in the bond market: the 30-year Treasury yield has climbed to 5.19 percent while the 10-year sits at 4.67, pushing the 10-30 spread to its widest in years. They explore how this steepening long end is forcing investors to rethink classic bond laddering strategies. Using real data from late August 2026, they
Why the 2-10 Spread Is Compressing Before the Fed Decision
With the September Fed decision now a coin flip, Lucas and Luna dig into the latest curve dynamics: the 2-year yield climbing to 4.20 percent while the 10-year sits at 4.67, flattening the spread to just 39 basis points. They explore what that compression signals about market expectations, how it's reshaping bond ladder strategies for income investors, and why the front end is suddenly the most in
How the 30-Year Yield at 5.18 Is Reshaping Pension Strategies
On this episode of The Bond Investing Podcast, Lucas and Luna dig into the 30-year Treasury yield's climb to 5.18 percent and what it means for corporate pension plans. With the yield curve steepening and the 10-year at 4.66, plan sponsors are facing a critical decision: lock in higher long-term rates now or wait for even better levels. Lucas explains how this environment is driving a surge in lia
How the Fed Pause Is Quietly Compressing the Front End
The bond market has been fixated on the long end, but the real story this summer is the front end. With the Fed on hold since June, short-term yields are drifting lower and the 2-year Treasury has dropped from 4.24 to 4.17 in just a week. This episode unpacks what that compression means for money market funds, short-duration bond ETFs, and investors who've been parking cash in 5% yield vehicles. L
The Steepening Curve Rewrites Bond Ladder Math
As the 10-year Treasury yield hovers near 4.64 percent and the 30-year sits at 5.23 percent, bond investors are rethinking the classic ladder. In this episode, Lucas and Luna dive into why the 10-30 curve has steepened to 50-plus basis points and what that means for the 'barbell vs. ladder' debate. They walk through a concrete example: a $100,000 bond ladder built today versus five years ago, show
How the 30-Year Yield Is Rewiring Bond Strategies
On this episode of The Bond Investing Podcast, Lucas and Luna dig into the 30-year Treasury yield's recent climb to 5.27 percent and what it means for everyday bond investors. They break down why the long end is moving independently of the Fed, how insurers and pension funds are adjusting, and whether building a ladder with long bonds makes sense now. With the 10-year at 4.74 and the 2-year at 4.2
Why the Long Bond Is Now a Mortgage Driver
In this episode, Lucas and Luna explore how the 30-year Treasury yield at 5.23 percent is rippling through the mortgage market, reshaping refinancing decisions and the broader housing finance landscape. They break down the widening 10-year to 30-year spread, what it means for borrowers and lenders, and why the long end of the curve has become the new battleground for fixed-income investors. With t
Why Bond Ladders Are Getting Longer
As the yield curve steepens and the 30-year Treasury pushes above 5.2 percent, investors are rethinking one of fixed income's oldest strategies: the bond ladder. In this episode, Lucas and Luna explore how a longer ladder—extending maturities beyond the traditional five or ten years—can lock in higher yields without taking on excessive duration risk. With the 10-year at 4.69 percent and the 30-yea
How a Steeper 10-30 Curve Is Reshaping Bond Ladders
The Treasury curve is doing something unusual in August 2026: the spread between 10-year and 30-year yields is widening while the front end stays pinned. In this episode, Lucas and Luna unpack why the 10-30 segment is the new battleground for bond investors, what it means for laddered portfolios, and how institutional flows are driving the move. With the 30-year sitting at 5.23 percent and the 10-
Why the 2-10 Spread Hints at a Steeper Curve
On this episode of The Bond Investing Podcast, Lucas and Luna dive into the 10-year Treasury yield at 4.65 percent and the 2-year at 4.19 percent, widening the spread to 50 basis points. They unpack what this steepening signal means for bond investors, from mortgage refinancing to the front end's response to Fed policy. The conversation is grounded in the latest FOMC minutes that hint at a possibl
How a Fed Hike Worry Is Reshaping the Front End
In this episode, Lucas and Luna dig into the surprising direction of the two-year Treasury yield in August 2026. While the thirty-year has grabbed headlines near five point three percent, the two-year has been quietly climbing to four point two percent, and the three-month sits at three point eight six percent. They discuss what the latest Fed minutes reveal about a possible rate hike if inflation
Why the 30 Year Treasury Yield at 5.31 Is Reshaping the Mortgage Market
In this episode of The Bond Investing Podcast, Lucas and Luna unpack how the 30-year Treasury yield at 5.31 percent is reshaping the mortgage market. They drill into the refinancing freeze — with mortgage rates near 7 percent and refinance activity at its lowest in decades — and what that means for banks, bond investors, and the broader economy. They also explore how the 10-year yield at 4.72 perc
Why the 30-Year Yield at 5.25 Is Reshaping Mortgage Refinancing
This episode of The Bond Investing Podcast drills into a quiet but profound shift: with the 30-year Treasury yield hovering at 5.25 percent, mortgage-backed securities are repricing in ways that ripple through the entire bond market. Lucas and Luna unpack how this yield level is reshaping refinancing incentives for homeowners, altering the prepayment assumptions that drive MBS valuations, and push
Why the 30-Year Yield at 5.21 Percent Is Luring Foreign Buyers
The 30-year Treasury yield has climbed to 5.21 percent, and it's not just domestic pension funds and insurers taking notice. Foreign central banks, sovereign wealth funds, and international investors are increasingly drawn to long-dated U.S. debt. In this episode, Lucas and Luna explore the structural forces behind this global demand: the dollar's role as the world's reserve currency, the yield ad
Why Bond ETFs Trade at a Premium Now
In this episode of The Bond Investing Podcast with Fexingo, Lucas and Luna explore why bond ETFs have been trading at premiums to their net asset values, even as Treasury yields swing. They break down the mechanics of creation and redemption, using recent data like the 10-year yield at 4.63 percent and the 30-year at 5.21 percent, and discuss what persistent premiums signal about market stress and
Why the Front End of the Curve Is Quietly Steepening
The yield curve has been steepening for months, but the action isn't where everyone is looking. While the 10-year Treasury sits at 4.63 percent and the 30-year hovers near 5.2 percent, the real story is the front end. The 2-year yield has dropped to 4.15 percent, and the spread between 2-year and 10-year Treasuries has widened to 51 basis points. In this episode, Lucas and Luna unpack what's drivi
Why Bond Liquidity Is Drying Up in a Higher Yield World
In this episode of The Bond Investing Podcast, Lucas and Luna explore a paradox: bond yields are at generational highs, yet liquidity in the corporate bond market is thinner than many investors realize. Using the latest data from August 2026, they break down how the Federal Reserve's balance sheet run-off, tighter bank regulations, and the rise of electronic trading have combined to reduce market-
Why Muni Bonds Are Finding New Buyers in a Higher Yield World
State and local government bonds are having a moment. With the 30-year Treasury yield at 5.24 percent and the 10-year at 4.70, tax-exempt municipals are suddenly competing with Treasuries and corporates for investor dollars. In this episode, Lucas and Luna dig into the mechanics: why muni yields have lagged the Treasury selloff, how the 2026 election cycle is shaping issuance, and what the flatten
Why Insurers Are Piling Into Private Credit
Life insurers are the quiet giants of the bond market, and right now they're shifting hundreds of billions of dollars out of public bonds and into private credit. On this episode, Lucas and Luna dig into the numbers behind the trend — from the 30-year Treasury at 5.25 percent to the yield pickup insurers can get on private assets — and why regulators are starting to pay attention. They talk about
Why the 30-Year Yield at 5.2 Percent Is Reshaping Insurance Bond Portfolios
Lucas and Luna dig into the quiet reshuffle happening in insurance company bond portfolios now that the 30-year Treasury is yielding around 5.2 percent. They break down how this single level changes the math for insurers, who have to match long-dated liabilities, and why it's pulling them out of corporate credit and back into duration. They walk through a specific example: a life insurer with a 20
How Bond ETFs Handle Liquidity in a Volatile Market
In this episode of The Bond Investing Podcast, Lucas and Luna explore how bond ETFs have become the go-to tool for investors navigating today's volatile fixed-income markets. With the 10-year Treasury around 4.69 percent and the 30-year at 5.22, August has been rough for bonds, yet ETFs like TLT, LQD, and HYG have seen smoother trading than the underlying bonds. Lucas breaks down the mechanics of
How the Curve Steepening Is Reshaping Bond ETF Portfolios
On this episode of The Bond Investing Podcast, Lucas and Luna examine how the recent steepening of the Treasury yield curve—with the ten-year at 4.66 percent and the two-year at 4.25 percent—is changing the calculus for bond ETF investors. They dig into the mechanics of duration and roll-down, using TLT and SHY as real examples, and explain why the move is compressing risk premiums in corporate bo
How the Fed Pause Is Compressing the Front End
Lucas and Luna dig into the quiet story at the front of the yield curve: the three-month Treasury is yielding 3.90 percent, the Fed funds rate is at 3.63, and interest on reserve balances sits at 3.65. That means short-term paper is trading rich to the Fed, even as markets price out any chance of a hike after July's jobs miss. They talk about what this spread tells you about funding conditions, ho
How Mortgage Bonds Are Priced Off Treasuries Now
With the 30-year Treasury yield holding near 5.2 percent and the 10-year at 4.63, mortgage-backed securities are repricing in ways that catch even seasoned bond investors off guard. In this episode, Lucas and Luna break down the mechanics of how mortgage bonds are priced off Treasuries, why the spread has widened this August, and what that means for your bond fund. They walk through the prepayment
Why the Steeper Curve Is Repricing Bond Risk
The yield curve has been flattening for months, but in early August 2026 it's doing something different: the 10-year Treasury yield dropped to 4.63 percent while the 30-year sits at 5.18 percent, and the spread between the 10-year and 2-year has widened to 45 basis points. On this episode, Lucas and Luna unpack what a steeper curve means for bond investors, from duration risk to credit spreads. Th
How ETFs Are Smoothing Out the Bond Market's Rough August
Bond ETFs are having a moment. As Treasury yields swing and the yield curve flattens, investors are pouring money into bond ETFs like TLT and LQD — but the flows are masking a deeper shift in how the market works. In this episode, Lucas and Luna dig into the surge in bond ETF trading volume, why the 30-year Treasury at 5.23 percent is pushing investors toward ETFs for liquidity, and what the rise
How Pension Funds Changed the Bond Market
In this episode of The Bond Investing Podcast, Lucas and Luna explore how pension funds' shift toward longer-duration assets is reshaping the Treasury market. With the 30-year yield at 5.27 percent and the 10-year at 4.75 percent, they unpack the mechanics behind the 'convexity hedge' and why this structural demand is keeping the yield curve steep. They also discuss what this means for individual
The Bullet Bond Comeback as 30-Year Yields Top 5 Percent
In this episode of The Bond Investing Podcast, Lucas and Luna explore why 'bullet bonds'—bonds that pay interest over time and return principal at maturity—are making a comeback in a market where the 30-year Treasury yield has climbed to 5.21 percent. They unpack the appeal of bullet structures for both issuers and investors, especially as pension funds seek predictable cash flows and corporations
How Pension Funds Are Reshaping Bond Portfolios as 30-Year Yields Top 5 Percent
In this episode of The Bond Investing Podcast, Lucas and Luna dig into the recent push of 30-year Treasury yields above 5 percent—a level not seen in years. They explore how pension funds, with their long-duration liabilities, are responding to this new regime. With the 30-year at 5.21 percent and the 10-year at 4.68 percent, the conversation covers the math of liability-driven investing, the retu
How Pension Funds Are Reshaping Bond Portfolios as 30-Year Yields Top 5 Percent
The 30-year Treasury yield has surged to 5.21 percent, its highest in years, and pension funds are responding by shifting billions into long-duration bonds to lock in yields and improve funded status. Lucas and Luna explore how liability-driven investing (LDI) is reshaping demand for long Treasuries and corporate bonds, why the steep yield curve makes this strategy attractive, and what it means fo
How Trade War Fears Are Reshaping Bond Yields
The 10-year Treasury yield dropped 4 basis points this week to 4.61% as the Fed's cautious meeting minutes and escalating US-China trade tensions drive a flight to quality. Lucas and Luna break down why long-term yields are falling even as the yield curve steepens, what the spike in the 10-2 spread from 35 to 45 basis points means for investors, and how corporate bonds are pricing in geopolitical
Why the 3-Month Treasury Yield Is 25 Basis Points Above the Fed's IOER
The 3-month Treasury yield is currently 3.90 percent, a full 25 basis points above the Federal Reserve's interest on reserves rate of 3.65 percent. That gap is a red flag for money market functioning and Fed policy credibility. In this episode, Lucas and Luna break down the mechanics of administered rates, why the spread has blown out, and what it signals about the bond market's expectations for K
How AI Trading Bots Are Reshaping Corporate Bond Market Liquidity
This episode examines the growing role of artificial intelligence in corporate bond trading. With startups and brokers deploying AI agents to trade around the clock, the traditionally opaque and illiquid bond market is seeing narrower spreads, faster execution, and new risks. Lucas and Luna discuss how algorithms are increasingly providing two-sided quotes for investment-grade and high-yield bonds
Why the Two-Year Yield Is Staying Above the Fed Funds Rate
The 2-year Treasury yield is holding at 4.31 percent, nearly 70 basis points above the Fed funds rate of 3.63. That gap has persisted for months, and it's not just about rate-cut expectations. Lucas and Luna unpack the term premium hiding in the short end, what it means for bond investors, and whether the 2-year yield is signaling something the Fed isn't saying yet. Using current data from July 28
The Return of the Term Premium in Bond Markets
The 10-year Treasury yield sits at 4.64% and the 30-year at 5.12%, but the story goes beyond Fed policy. Lucas and Luna explain the resurgence of the term premium—the extra compensation investors demand for holding long-term bonds. Using New York Fed model estimates and current yield curve data from July 2026, they break down why term premium turned positive after years of being negative, how fisc
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