The 10-year Treasury rate reflects the combination of Federal Reserve and US government monetary policy in the broader bond markets. This rate is what many banks use to determine 30-year mortgage rates. The 10 Year Treasury Bill rate was 1.33 as of the last reporting period September 17, 2021. In general, the longer the maturity on debt instruments, the greater the risk, so the higher the interest rates. Although there are times when the economy may look risky in the short term, and shorter-term rates may actually rise higher than long-term rates. That’s known as an inverted yield curve.
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