The yield on 10-year US Treasuries temporarily plunged below 2.1% after Tuesday’s FOMC statement, before rebounding to around 2.25%. The last time the yield was so low was in early 2009 when the S&P 500 was well beneath our new year-end forecast of 1,000. Nonetheless, we now think the yield could end 2011 around 2%, or even lower (vs. our previous long-standing forecast of 2.5%).
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