A year ago, the 10-year Treasury yield was 2.6%. Today, it's continued its plunge -- falling off a cliff -- to .73%, as I write this. That is after a low this morning of .67%.
Of course the Fed didn't help, by cutting the Fed rate by .5% last week. Stupid idea. There is nothing wrong with the economy -- recent market activity is all psychological, not fundamental -- and they are not keeping their powder dry in case of a real weakness in the economy.
This has all the hallmarks of a bubble or "buying panic." Either we are going permanently lower in rates -- joining the "zombie" financial systems of Japan and Europe -- or we unwind a la the "taper tantrums" of the past and rates shoot higher, which could also now destabilize the financial system because everyone is positioned the other way.