Internet reported that the U.S. 20-year Treasury yield closed lower than the 30-year Treasury yield on Monday, for the first time in nearly four years, reflecting that the long end of the U.S. bond yield curve has returned to normal to some extent. Long-term Treasury yields continue to rise on expectations that the Federal Reserve will start cutting interest rates and bets that a widening fiscal deficit will lead to an increase in the supply of Treasury bonds. On Monday, the yield on the 30-year Treasury note, the longest maturing U.S. bond, was slightly higher than the 20-year yield in late trading, for the first time since October 2021. On Tuesday, the 30-year U.S. bond yield was still less than a basis point higher than the 20-year yield. In 2022, the Federal Reserve's interest rate hike cycle will push U.S. bond yields of all maturities to rise, with 20-year bond yields once being as much as 30 basis points higher than 30-year bonds.