The long part of the yield curve is becoming more attractive as a hedge against equity and credit risk, particularly in an environment where central banks are expected to tighten monetary policy. Higher yields on long-duration bonds offer compensation and potential for capital appreciation if rates eventually decline.
Treasury buyback intervention transfers pressure from rates to currency markets, making the dollar the short-term loser; emerging-market carry currencies are attractive because their central banks fought inflation more aggressively and real yields in Brazil, Mexico, Colombia and South Africa are attractive.