2.2
2.4
2.6
2.8
3.0
3.2
3.4
3.6
3.8
4.0
4.2
4.4
4.6
2028
2030
2032
2034
2036
2038
2040
2042
2044
2046
2048
2050
2052
2054
2056
Prior Curve (12/31/2025)
Current Curve (05/07/2026)
Passive Zone ∙ 1 - 10 Years
Passive demand clusters in the front-to-intermediate curve
Rules-based SMAs and laddered portfolios tend to focus on maturities up to ~10 years, where persistent demand has compressed valuations.
Yield to Worst (%)
Active Zone ∙ 11 - 30 Years
Steeper curve, less crowded opportunity set
Beyond 10 years, fewer passive constraints allow active strategies to access higher yields and more compelling relative value.
Maturity Year
Passive Zone ∙ 1 - 10 Years
Passive demand clusters in the front-to-intermediate curve
Rules-based SMAs and laddered portfolios tend to focus on maturities up to ~10 years, where persistent demand has compressed valuations.
Active Zone ∙ 11 - 30 Years
Steeper curve, less crowded opportunity set
Beyond 10 years, fewer passive constraints allow active strategies to access higher yields and more compelling relative value.
