Flight to safety as deleveraging continues. It is not a flight to quality with m3 expanding at 20% a year and 805 billion being printed.
Flight to safety. US treasuries are the most liquid, safe instrument in the world. So, government funds are moving out of Eurozone and other country debt into US.
T bonds have been described as the last bubble left. AS the curve steepens to recapitilise the banks they could go lower but that does not help the mortgage market.