There's a lot of headlines about term premium. If I understand this correctly, term premium compensates investors for holding a longer maturity bond vs rolling over short-term bonds.

So as an example, if a 1 year bond is 2% and let's say it stays at 2% for 10 years, I can continue to roll this over each year for 10 years. The 10 year yield would be the average of the 1-year yields so it would be 2%.

However and correct me if I'm wrong but the market's 10-year yield would be closer to 2.5% because of 50 basis point of term premium (I just made this number up)

However, term premium is negative in this market due to the effects of QE, demographics, demand for fixed income which would pull the 10-year yield to let's say 2.25%.

Is this the correct way to look at it? Is there term premium for 2-year, 5-year?