Why par yields are the best interest rate measure

Par yields are the best interest rate because they summarize the spot rate term structure into a single yield measure. I also show the so-called "coupon effect" which is also an argument in favor of par yields. But I think the better reason is their information content. Yield to maturity (TYM) is also a single (constant) rate but YTM is a function of an observed bond price: the coupon effect exposes this weakness of yield; e.g., when I vary the coupon, get different 5-year yield. However, the par yield does NOT depend on bond price; the par yield is a function entirely of the spot rate curve; aka, discount function.

Here is my previous (detailed) illustration of the par yield: Par yields are swap rates (FRM T3-13)

Here is the reddit question ("Can someone explain par rates to me please?")  that I answered:
Reddit: can_someone_explain_par_rates_to_me_please

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