Short-term bonds are riskier than long-term bonds because most long-term bonds are issued by AAA-rated borrowers. the Federal Reserve directly controls short-term rates, but not long-term rates. they aren't riskier; long-term bonds are riskier than short-term bonds. short-term rates fluctuate more than long-term rates. the big cash flow at maturity is so much closer to today and, therefore, has a bigger impact on the price of the bond