On June 25, PANews reported that Daniel von Ahlen and Adrea Cicione from TS Lombard stated that the extra yield required by investors holding long-term U.S. Treasuries, known as the term premium, has not changed significantly recently. This stability suggests that the yield on the 10-year U.S. Treasury is unlikely to fall below 4%, because 'if the risk premium does not compress substantially, there is limited room for further declines in yield.' They noted that the Federal Reserve is unlikely to lower rates below 3% in the next easing cycle, which will further support high yields.