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The bond market is concerned about a looming recession.
More money is going long term which is driving down yield. Less money is going into short term which drives up yield. If you can't sell your short term bond because of lack of demand you have to accept less for the bond which drives down yield.
They are going long to lock in a perceived a higher long term yield vs an expected future lower yield due to expected future fed rate cuts.
Personally, I think they are correct.
Also, a lower/higher yield does not necessarily mean that we are printing more or less money.
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