---
title: "Treasury Can’t Wait. Bond Buyers Can"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/300036690.md"
description: "With 10-year Treasury yields near 5%, investors face a dilemma: while the yield appears attractive, a slight rise of just 10 basis points could erase its advantage over rolling short-term bills. Unlike cash investors who can wait for better rates, the U.S. Treasury cannot delay refinancing its large debt stock at current levels, creating pressure on bond buyers."
datetime: "2026-09-24T13:19:57.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/300036690.md)
  - [en](https://longbridge.com/en/news/300036690.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/300036690.md)
generator: "portal-rs"
---

# Treasury Can’t Wait. Bond Buyers Can

## **Who buys the 10-year at 5%?**

A 10-year Treasury yield near 5% looks generous after years of low rates. But a cash investor who may sell in 12 months must compare the bond’s *total return* with the return from rolling short bills.

Under Steven Blitz’s assumptions, a rise of just 10 basis points in the 10-year yield nearly erases the bond’s advantage over bills. Treasury has a large debt stock to refinance at today’s rates. The investor can wait; the borrower cannot.

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**