The yield spread on 10/30-year US Treasuries once exceeded +54 basis points, but analysts believe it is still not enough to attract investors to buy long-term US bonds.

Bloomberg data shows that the yield spread between the 10-year and 30-year US Treasury bonds increased by 0.874 basis points, temporarily standing at +53.196 basis points. It reached +54.429 basis points at 15:48 Beijing time, approaching the peak of +58.328 basis points on October 1, 2021, and the peak of +86.817 basis points on February 24 of the same year. Jamie Patton, Co-Head of Global Rates at TCW, believes that this yield spread is still not wide enough to buy long-term bonds. She stated that they are currently overweight on 2-year and 5-year bonds and expect the yield curve to steepen further. "We won't just see a 5% yield on the 30-year bond and say, 'okay, let's buy'," she said. "We will look more comprehensively and find that it is actually still quite low compared to other parts of the curve."