【The 20-Year U.S. Treasury Yield Closes Below the 30-Year Treasury Yield for the First Time in Nearly Four Years】 The 20-year U.S. Treasury yield closed below the 30-year Treasury yield on Monday, marking the first time in nearly four years, reflecting a certain degree of normalization in the long end of the U.S. Treasury yield curve. Long-term Treasury yields have been rising due to market expectations that the Federal Reserve will begin to cut interest rates, while betting that an expanding fiscal deficit will lead to an increase in Treasury supply. On Monday, the longest-duration U.S. Treasury—a 30-year Treasury yield—was slightly higher than the 20-year yield in late trading, the first time since October 2021. On Tuesday, the 30-year U.S. Treasury yield remained less than one basis point higher than the 20-year yield. In 2022, the Federal Reserve's rate hike cycle pushed yields across all maturities higher, with the 20-year Treasury yield once exceeding the 30-year yield by as much as 30 basis points.