What truly strange times these are. The entire Treasury curve sit's below the Fed's 5.25% overnight lending rate. Conventional wisdom say's that the market is then anticipating cuts in the Funds rate if it's willing to lend money cheaper further out than overnights. How can this be? Is there not a greater threat of runaway inflation at this moment than any other time in the past decade? Or is the Treasury market saying this is circa 1999? Friday's 10 year note yield is now back to being only a whisker under the 5% benchmark. Please state your opinions.