Once upon a time the bond market could be counted on for sober analysis and clear thinking in the critical work of providing reliable economic indicators based on the so-called wisdom of the crowd. But those days appear to be long gone, or so one could surmise after reviewing the conflicting signals emanating from the US Treasury market of late.
Let's start with the nominal yields on the 5- and 10-year Treasuries. Based on these widely followed interest-rate benchmarks, recent history has been a yawn as current yields remain in a tight range (roughly 0.6%