I meant the "treasuries extend advance" part. Maybe I'm slow 😬
Discussion
The bailout was for long duration bonds impaired by the recent rate hikes. The Fed will likely buy long bonds indefinitely, driving down rates on the long end (10-30 years)
On the short end, the markets are speculating as to how many rate cuts will be done in the next 1-2 years - that’s what’s driving the price of 2Y treasuries.
Thanks for taking the time to explain 🙏🏽