The term premium is the excess yield that investors require to commit to holding a long-term bond instead of a series of shorter-term bonds. But the problem with constant intervention by The Federal Reserve is that the 10-year Term Premium has been falling since 1984.
Notice that the decay in the term premium following each recession gets lower and lower. When it is now negative and has been that way since March 2017.
Here is the 10-year decomposition.