As a result, holders may receive the higher long-term yield after only a short period.
The perception also may explain the bond market's odd behavior, in which long-term yields are lower than short-term ones.
There's considerable room for long-term yields to come down so long as inflation is tamed.
If today's data confirm that trend, there may be more room for long-term yields to fall further.
The rate on the 30-year Treasury bond fell to 5.34 percent, the lowest long-term yield in three decades.
The only difference is, short-term rates tend to fall faster than long-term yields.
The increase in long-term yields has been even more pronounced elsewhere in Europe.
With yesterday's decline, long-term yields are not far from their 1997 low of 6.29 percent.
Some analysts have projected that long-term yields could surge past 2 percent soon.
After all, they're the ones who have been selling Treasury bonds, driving up long-term yields.
