SHORT ANSWER
The core idea
Long-duration bonds move more because a larger share of their value comes from cash flows received further in the future, whose present values are more sensitive to changes in discount rates.
THE MECHANISM
What is happening underneath
Low coupons and long maturities usually increase duration.
MARKET INTERPRETATION
How investors should read it
Convexity becomes increasingly important when yield changes are large.
BONDSTATS TAKEAWAY
The same market move can carry different information depending on which maturity, issuer and risk premium is changing. Read the question together with the underlying concepts rather than treating one price move as a universal signal.
RELATED CONCEPTS
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