Bond Yields Behave Independently

The European two-year treasury is the most highly prized of collateral in the Eurodenominied zone. But if there was an excess of demand, then you would expect the price could go up on the two-year yield to fall below. The Fed talks about term premiums all the time but they are nonsense according to John Defterios. He says bond yields behave independently and this explains why we have an inverted yield curve.