The 10 year yield is acting like gold at this time. It is a bellweather to to bad times in the sense that the more gloom the more it will fall; even at today’s levels. However, since many are now calling for the worst of the crisis to be coming to an end (ie over the hump of the chart of shocks) , there is more of a symmetric risk : ie there is a real chance of less pessimism leading to a higher ten year rate. So we may be near to bottom for ten year yields.
