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The sell-off in government bond yields has attracted a fair amount of excited commentary. The subtext is that something interesting is going to happen.
I think most estimates of the term premium are weak, and that the 5-year ought to have a steady positive term premium.
Bond markets have a tendency to switch between two regimes. Most of the time, they sedately trade in ranges. They then rapidly reprice to enter a new regime, possibly with an overshoot.