Execution Based Finance: The Death of the Yield Curve

For decades, the 10-year U.S. Treasury has been hailed as the gold standard of “safe return.” It’s the benchmark — the so-called risk-free rate — against which every investment is measured. Analysts, institutions, and asset allocators orbit around it.

It anchors pricing models, justifies risk premiums, and defines what’s considered “acceptable” exposure.

…