I know a lot of others follow Mish’s thread. This is a recent post by Black Swan that echoes my current sentiments regarding treasuries.

“On the other hand, secret Fed policy could end up firming oil prices. Looking back at yesterday’s stock market rally, I couldn’t help but notice that not only were stock prices up, but oil prices were up almost 7%, and 10-yr Treasuries were up, as their yields dipped below 3% at one point. With a strong stock market and higher oil prices, a firming bond market makes no sense. Why would there be a flight to safety? There wasn’t. The only thing that makes sense on those plunging long term yields is that the Fed has started to monetize the bond market with TARP money, or some other money created out of thin air. With foreign central banks buying less US debt, how else could this have happened. Bernanke had outlined monetizing the bond market in his 11/2002 speech. That was the same speech in which he outlined the TARP. If I’m right about this, and foreign central banks catch on, the USD could sink.”