I trade both in futures and Cash the Ten Year is a product spread against everything imaginable, the Bond Future at times has a mind of its own (more a commodity in its traditional sense) and is really separate from the rest of the curve. So to answer your question looking at the yield on the 2,5 and 10 year against Fed Funds, the Discount Window and LIBOR should give you an inclination of how F**CKED all these Hedge Funds and Banks are. Credit is still tight no matter what Bernanke does and it will get worse before it gets better of course Idiots like Hillary want to bail everyone out. Free Markets determine who floats and who sinks not the Federal Government.