The slope of the yield curve can be measured in varying ways but is conventionally thought of as the long-term government bond rate minus the short-term government bond rate.

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They found that it made sense to buy long bonds in almost all interest-rate scenarios but one: when rates are low (so the risk that they will revert to the mean, thus undercutting the value of the bond, is high) and the yield curve a line drawn through the interest rates on government securities with different maturities is flat (so there is little extra reward for taking that risk).

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Mortgages are bumping along at or near multi-decade lows and a flood of Treasury bond buyers has led to a very appealing yield curve for corporate and government borrowers.

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However, printing money eventually leads to intractable inflation and will send bond yields much higher, especially on the long end of the yield curve.

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His downbeat assessment seemingly interwoven with downright irritation at the mercurial pace of recovery is the latest piece of ammunition for bond bulls looking to exert further downwards pressure on the yield curve.

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