Observed arrival · 2026-08-24
The Thirty-Year Verdict
An interactive, 18-minute guide to how Treasury auctions set bond prices—and why that can make mortgages more expensive even after Federal Reserve rate cuts.
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Field notes
The explainer advances through named acts, beginning with the distinction between the Fed's overnight rate and the longer-term Treasury market. Its worked example gives readers a $1,000 bond with a 4% coupon and 30-year maturity, while a chart uses monthly Federal Reserve and US Treasury figures to mark the late-2024 crossover. The page also flags that its annual-coupon arithmetic simplifies real Treasuries, which pay every six months.
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