Mainstream pundits have been telling stock investors throughout 2019 that it does not matter if long maturity Treasury bonds yield less than short maturity Treasury bonds. They have been explaining that you should ignore the fact that, for the most part, the 10-year yield has been offering less than the three-month yield since mid May.
However, financial institutions often rely on borrowing money at lower short-term rates and lending at higher longer-term ones. When the spread between short and long flattens, they struggle to find avenues of profitability. When the relationship between short and long