Higher long-term yields might not compensate for higher risks. Investors can get yield by locking money with biggest, most creditworthy U.S. companies. Bonds of investment-grade issuers 10+ years yielding just shy of 6%, per ICE BofA index data via FactSet. Weighted average life over 20 years. Far more than post-2008 lull when often less than 5%.

For long-term investors seeking cash income, securing payouts might suffice. But more risk over decades than couple years. Bonds aren't providing as much additional yield for extra risk. Yield spread vs Treasurys on 10+ year investment grade only about 0.5% higher than 1-3 year bonds, per ICE BofA data. Gap near post-2008 lows, not including COVID dip. In 2022, at times a full 1 percentage point.

Narrow gap makes sense if corporate earnings growth strong long-term and borrowing restrained. But reasons to wonder if profits temporarily inflated by tariff rebates or delayed depreciation of AI assets like memory chips. Concern: more borrowing needed to fund AI build-out.