> Maybe it's because there is an assumption priced in that interest rates will go down again? Yes, exactly this. The 1-year treasury pays 5%, so it's appropria

> Maybe it's because there is an assumption priced in that interest rates will go down again? Yes, exactly this. The 1-year treasury pays 5%, so it's appropriate to look at that instead. Normally the 10-year pays more than the 1-year, so it's safe to look at that; we're currently in an unusual state (an "inverted yield curve") where it doesn't, and people tell you this is a surefire sign of a coming recession.