Paul Krugman just put up a post highlighting the fact that the yield on the 10-year is now at 2.71. He talks about what it means, where it is in relationship to past rates (not quite as the pit of the crisis levels, but basically higher than at anytime else).
The real lesson, he points out at the end:
And anyone who believed the stuff about invisible bond vigilantes, and acted on it, has lost a lot of money.
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