Paul Krugman points out that no matter how much some things have changed, Ten Year Treasury rates (though noisy) have remained the same (note: I am hesitant to agree with his argument... a lot of what has happend over the past 12 months [struggling global economy / geopolitical conflict / uncertainty, austerity measures, re-regulation] are all reasons why Treasury rates would stay low).
Anyhow, to Paul:
I posted this item, about the foolishness of people who believed thatfiscal expansion will actually be contractionary, because it will drive up interest rateson May 2, 2009. Markets were actually closed that day; but on May 1, the interest rate on 10-year bonds was 3.17 percent. As of right now, the rate is 3.14 percent. Just saying.