The 20-year Treasury bond yield in the United States closed below the 30-year Treasury bond yield for the first time in nearly four years.

The yield on the 20-year US Treasury bond closed lower than the yield on the 30-year bond on Monday, marking the first time in nearly four years. This reflects a certain degree of normalization in the long end of the US bond yield curve. Long-term bond yields have been steadily rising due to market expectations that the Federal Reserve will begin cutting interest rates, while also betting that an expanding fiscal deficit will lead to an increase in bond supply. On Monday, the longest-term US Treasury bond - the 30-year bond yield - traded slightly higher than the 20-year yield for the first time since October 2021. On Tuesday, the 30-year Treasury bond yield was still less than one basis point higher than the 20-year yield. In 2022, the Federal Reserve's rate hike cycle has pushed up yields on all maturities of US Treasury bonds, with the yield on the 20-year bond at one point exceeding that of the 30-year bond by as much as 30 basis points.