[Verse 1] Investors clutch their cash like treasure maps Short bonds feel safe, quick exit gaps But longer journeys through the years ahead Fill cautious minds with mounting dread [Chorus] Liquidity preference, pay me more For time I cannot touch what's stored Risk premiums climb the ladder high That's why the yield curve points to sky L-P-T explains the slope we see Longer means less liquidity [Verse 2] Thirty-year bonds lock wealth away While three-month bills mature today Uncertainty grows with distant dates So compensation compensates [Chorus] Liquidity preference, pay me more For time I cannot touch what's stored Risk premiums climb the ladder high That's why the yield curve points to sky L-P-T explains the slope we see Longer means less liquidity [Bridge] Keynes observed what markets knew Time creates a different view Flexibility costs extra yield When liquid access you must yield [Verse 3] Each added year demands its fee For giving up mobility The curve reflects this basic truth Premium grows from root to roof [Chorus] Liquidity preference, pay me more For time I cannot touch what's stored Risk premiums climb the ladder high That's why the yield curve points to sky L-P-T explains the slope we see Longer means less liquidity [Outro] When you see yields ascend in line Remember this theory so divine Patience pays but freedom costs In bond markets, nothing's ever lost
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