The equity premium puzzle (EPP) highlights the unexpectedly high historical returns of stocks over Treasury bills. Explore ...

Treasury yield curve outlook: 3‑month T‑bill most likely 1–2% in 10 years; 2y/10y spread turns positive. See inversion odds ...

The bank discount rate is a calculation of the interest investors earn on short-term instruments such as Treasury bills. Discover its definition and how investors gain from it.

As explained in Prof. Robert Jarrow’s book cited below, forward rates contain a risk premium above and beyond the market’s expectations for the 3-month forward rate. We document the size of that risk ...