More of the Same; Bonds Up Big

Nervous investors continue to seek the safety of Treasury bonds and yields continue to fall. The closely watched Ten-Year is up about 3/4 point resulting in a yield less than 1.20%. The Thirty-Year is below 1.70% and the Two-Year is now less than 1%, and so is the Five-Year. Market-based probabilities continue to predict as many as three rate cuts by policy-makers before year-end. The FOMC next meets March 17-18.