10 year treasuries are, assuming no dollar devaluation, going to rise as the stock market falls.
Global recession fears will drive, in the short term, movement of cash from U.S. equity markets to U.S. treasuries.
If the U.S. sinks in to recession independently of the rest of the world, that is, Asia and perhaps Europe recover and leave the U.S. behind, funds will leave the U.S., both treasuries and equity markets.
So it seems to me that the current low yields on treasuries are an anomaly – money is being parked in treasuries while global investors figure out what the hell is going on.
Might be a relatively unique opportunity to catch these mortgage rates.
