Howard McEwen, CFA

After reading this WSJ article, I’m wondering.

From the article:

The 10-year note settled up 22/32, or $6.875 per $1,000 face value, at 95 25/32. Its yield fell to 3.638%, from 3.715% on Monday, as yields move inversely to prices. The 30-year bond was up 1 7/32 to yield 4.486%.

Now, I see what they mean – and I’m not argueing for cheap money and inflation is an insidious tax – but isn’t a 4.486% long-bond low for the last few decades?  I think the 20-year average is something like 6.5%.