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.

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Thanks for taking the time to explain 🙏🏽