... grade bonds, the relation is positive in both the short and long run, but for long-term bonds the predominant relation is negative in the long run, and is statistically insignificant in the short ... the change in the 10-year Treasury bond yield, the change in slope (defined as the difference between 10-year and 2-year Treasury bond yields), the convexity, the change in leverage, the change ... studies the correlation between the changes in 3-month Treasury bill yield, the changes in term structure slope (defined as the difference between 30-year and 3-month Treasury bond yields), and the...