The Super Committee is bogged down. The ratings agencies are working overtime. A floating rate Treasury could muddy the dirty water more. The 1.65% yield on the 10 year everyone keeps telling me about sure looks like 2.25%. A significant number of bond bulls this summer were right for the wrong reason. Most argued that debt limit debacle was bullish. The truth is the global economy was stalling harshly. Japan, China and Europe are all now moving toward monetary accommodation. Spread product has improved as Op Twist has rolled out. (That, not lower long term yields, is the objective). Now comes the real test for US capital markets.