What is the impact of long convexity on bond prices in a changing interest rate environment?

Long convexity in bonds refers to the relationship between bond prices and changes in interest rates. In a changing interest rate environment, bonds with long convexity are more sensitive to interest rate movements compared to bonds with short convexity. This means that when interest rates rise, the price of bonds with long convexity will decrease more than bonds with short convexity, and vice versa.