Four long years ago the 10 year yielded a whopping 1.63%. It would be 6 more months before the Taper Tantrum exposed the illiquidity in government bonds. The Federal Reserve elected to stand pat on the funding rate again yesterday. Put in the context of the yield on "dimes", one can wonder how a hike was even a topic.
Debates about QE re-investment, normal, natural and historic must all deal with the reality that -for whatever malenge of reasons - benchmark Treasury yields have gone nowhere since Carly Rae Jepsen topped the charts with Call Me Maybe. Shake ups in other sections of the rate universe have been covered in more respected outlets than here but the mighty 10 year has taken a 4 year dirt nap.
It may be the election, or the disturbing civil unrest (violence Art Cashin and I both predicted btw) but something tells us that - like David in Vanilla Sky - the 10 Year is being told to, "Wake Up."