What’s Behind The Suddenly Positive Term Premium?

The term premium is positive again. Maybe you heard. Actually, you probably didn't hear. This is pretty much the last thing that'll ever land above the proverbial fold, or anywhere on any front page for that matter. But it's actually pretty important. This is another ostensibly esoteric debate, with emphasis on "ostensibly." Like (too) many other foundational concepts, the term premium is often characterized as arcana, which is unfortunate. It's just the portion of a bond's yield that compensa