Daniel von Ahlen and Adrea Cicione of TS Lombard wrote online that the additional return investors require to hold longer-term U.S. debt, known as the term premium, has not changed much recently. This stability suggests that 10-year Treasury yields are unlikely to fall below 4%, because "if risk premiums are not significantly compressed, there is limited room for further yields to fall." They said the Fed is unlikely to drop interest rates below 3% in the next easing cycle, which will further support high yields.