He&#x27;s making the case that the simple fact that a Treasury can have a 10-year term makes it riskier than a swap that is marked to market every 24 hours.<p>This might be a makeable case, but just comparing the terms is not enough to do so. And, while he is using it to explain why Treasuries seem to have a risk premium now, it doesn&#x27;t explain why they did not previously. Did swaps just start being m2M every 24 hours? Certainly there has been no major change to the nature of Treasuries over the past few months. So why the sudden shift?