The Bond Investing Podcast with Fexingo: Treasuries, Corporate Bonds, and Fixed Income Strategy

Lucas and Luna dig into a quiet-but-telling shift in the Treasury market: the return of auction tails. After years of auctions clearing at—or through—the when-issued yield, recent 10-year and 30-year reopenings have printed with visible tails. They examine the $24 billion 10-year note reopening on June 10, which stopped 0.6 basis points through the WI yield, and the 30-year bond reopening that tai...

In Episode 53 of The Bond Investing Podcast, Lucas and Luna explore a quiet but seismic shift in corporate bond liquidity. With the 10-year Treasury yield hovering at 4.48 and the 30-year at 4.97, the hosts examine how electronic trading platforms and new SEC rules are changing the way institutional investors buy and sell credit. Lucas breaks down data from the TRACE system showing that average tr...

In this episode of The Bond Investing Podcast, Lucas and Luna dig into the surprising rally in Treasury Inflation-Protected Securities (TIPS) and what it signals about the market's evolving inflation outlook. With the 10-year yield dipping to 4.45 percent and the 2-year at 4.05 percent, the yield curve is steepening, but TIPS are outperforming nominal Treasuries. The hosts explore the mechanics of...

In this episode of The Bond Investing Podcast, Lucas and Luna dive into one of the most significant bond market moves of 2026: the steepening of the 10-year versus 2-year Treasury yield spread. As of June 12, the spread hit 39 basis points, up from near zero just months ago. They explore why this steepening is happening, what it signals for the economy, and how bond investors can adjust their port...

Episode 50 of The Bond Investing Podcast with Fexingo. The yield curve inverted in 2022, predicted recession, and then un-inverted in 2025 without one arriving. Lucas and Luna break down what actually happened: the role of the term premium, how 2026's 10-year yield at 4.49 percent fits into the story, and why the 10y-2y spread at 0.39 matters now. They look at the difference between the 2020 inver...

Episode 49 of The Bond Investing Podcast with Fexingo. Lucas and Luna examine how bond ETFs are reshaping the structure of the fixed-income market, focusing on the massive growth of BlackRock's iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) and its impact on liquidity and pricing. With LQD trading at $109.01 as of June 13, 2026, and the 10-year Treasury yield at 4.45 percent, they discu...

Episode 48 of The Bond Investing Podcast: Lucas and Luna unpack the quiet revolution in Treasury issuance — the reintroduction of coupon bonuses for primary dealers. With the 10-year yield at 4.45 and the 30-year at 4.95, the Treasury is tweaking auction mechanics to improve liquidity and reduce volatility. Lucas explains how the 'when-issued bonus' works, why it matters for the $27 trillion Treas...

The 30-year Treasury yield has dropped nearly 6 basis points this week to 4.97 percent, and Lucas and Luna explore what this means for long-duration bond investors. They discuss how the steep yield curve is changing the calculus for pension funds and insurance companies, why some portfolio managers are extending duration now, and what the 30-year at 4.97 tells us about inflation expectations and F...

In this episode, Lucas and Luna examine the unusual shift in bond market dynamics as the 2-year Treasury yield, at 4.13 percent, has become the de facto anchor for the entire yield curve. They explain how the 2-year note's sensitivity to Federal Reserve policy and its role in pricing corporate bonds and mortgages make it more influential than the 10-year yield in the current environment. Using liv...

In this episode of The Bond Investing Podcast with Fexingo, Lucas and Luna unpack why the 10-year Treasury yield is pinned near 4.55 percent, even as front-end rates stay anchored. They explore how the persistent term premium—the extra compensation investors demand for holding longer-dated debt—is reshaping fixed-income strategy. With the 30-year yield flirting with 5 percent and the 2-year yield...

The 5-year Treasury note is often overlooked, but with the yield at 4.26% and the curve steepening, it's become the market's key battleground. Lucas and Luna explain why this maturity offers a rare combination of yield and convexity, how it signals rate expectations more cleanly than the 2-year or 10-year, and what the 5-year's spread over the 3-month tells us about recession odds. They also discu...

With the 10-year Treasury yield stuck at 4.54 and the 30-year hovering near 5 percent, municipal bonds are offering investors a compelling alternative. In this episode, Lucas and Luna break down why munis are outperforming — thanks to a seasonal supply crunch, strong state tax revenues, and a yield ratio that now favors taxable-equivalent income. They dive into the mechanics of the muni-Treasury r...

On June 10, 2026, the 10-year Treasury yield sits at 4.53 percent, trapped between the Fed's rate floor and sticky inflation. Lucas and Luna unpack how a narrow trading range is reshaping bond strategy, why the 2-year yield is falling while the 10-year holds, and what the 40-basis-point spread tells us about recession risk. They discuss why investors are piling into the belly of the curve and how...

On this episode of The Bond Investing Podcast, Lucas and Luna explore why the 3-month Treasury yield has become the new anchor for the bond market in mid-2026. With the 10-year yield at 4.56% and the 3-month yield at 3.80%, the spread between them is widening in unexpected ways. They discuss how the front end is driving rate expectations, why the Fed's interest on reserve balances at 3.65% matters...

The 3-month Treasury yield has become the new anchor for the bond market, trading at 3.63 percent as of June 2026. In this episode, Lucas and Luna explore why this short-term rate matters more than the 10-year yield for understanding Fed policy and liquidity. They discuss how the front end is pricing in rate cuts that haven't happened yet, and what the flat 3-month tells us about the economy. With...

Lucas and Luna examine the 30-year Treasury yield crossing 5%—a level not sustained since 2011. They break down what this means for portfolio duration, the refinancing calculus for corporations and homeowners, and why long-duration bonds still offer compelling income despite price risk. Drawing on the June 5 data showing the 30-year at 5.01%, they explore whether this is a buying opportunity or a...

Lucas and Luna dig into a surprising trend in June 2026: the 3-month Treasury yield is anchoring the entire fixed-income market. With the 10-year at 4.47% and the 2-year at 4.05%, the short end is flattening faster than the long end. They explain why institutional investors are piling into T-bills, how the 3-month yield at 3.78% is reshaping liquidity strategies, and what this means for your bond...

The 30-year Treasury yield has touched 5 percent, a level not seen in decades. Lucas and Luna explore what that means for fixed-income investors — from pension funds to individual bondholders. They dissect the data: the long bond's yield has risen 20 basis points in a week while the 2-year stayed flat, pushing the curve steeper. They discuss why the 30-year matters more now than the 10-year, how i...

Lucas and Luna explore bond convexity — why it matters more in 2026 as yields hover near key levels. With the 10-year at 4.47% and the 30-year flirting with 5%, convexity is reshaping duration risk and hedging strategies. They break down how negative convexity in MBS and callable bonds surprises investors, and why the 2-10 spread at 38 basis points amplifies these effects. A must-listen for fixed-...

Episode 35 dives into mortgage-backed securities, a corner of the bond market that's been quietly outperforming Treasuries in mid-2026. Lucas and Luna unpack why agency MBS spreads have tightened to post-2022 lows, how the Fed's runoff cap is creating a technical squeeze, and what this means for yield-hungry investors. With the 10-year Treasury around 4.47 and the 30-year near 5%, they ask whether...

Lucas and Luna drill into a quiet but significant shift in the bond market: the 2-year Treasury yield fell from 4.08 to 4.05 in just one day, while the Fed funds rate has barely budged. They examine what this divergence means for rate-cut expectations, how the 2-year has become the market's own policy signal, and why the 10-year is not keeping pace. With the yield curve steepening and the 30-year...

Episode 33 of The Bond Investing Podcast with Fexingo dives into the 5-year Treasury note, the often-overlooked maturity that connects short-term policy expectations with long-term growth. As of June 5, 2026, the 5-year yield sits at 4.28%, up 2.2% over the past week—outpacing the 2-year and 10-year. Lucas and Luna explore why this note has become the bond market's real-time temperature check, how...

In this episode of The Bond Investing Podcast, Lucas and Luna explore why the 3-month Treasury yield is becoming the most important rate in fixed income. With the yield at 3.78% and the Fed funds rate at 3.62%, the spread between them is tighter than it's been in years — and that has big implications for everything from money market funds to corporate bond spreads. They break down the mechanics of...

With the 30-year Treasury yield flirting with 5% and the 10-year hovering at 4.46%, inflation-protected bonds are gaining new fans. Lucas and Luna break down why TIPS are outperforming nominal Treasuries this year, how the 3.62% fed funds rate feeds into real yields, and what the TIPS breakeven rate is signaling about inflation expectations. They also discuss whether the TIPS market is getting cro...

Lucas and Luna dig into a quiet but telling divergence in the bond market as of June 2026: credit spreads are tightening even as the Fed holds rates at 3.63 percent and the 10-year yield sits at 4.46. With the Fed funds rate floor at 3.62 and the 2-year yield stuck at 4.05, the curve is signaling a slow economy, but corporate bond investors are acting like the coast is clear. They break down why s...