Its pretty clear that the last thing on investors minds these days is inflation when the 10-year yields around the world are back at last year's lows. Falling long rates are a fairly reliable signal of deflation, and given how commodities, both hard and soft, as well as housing prices in the G7, investors have been making the flight to safety for most of this year.
10-year government debt securities have been among the best performing investments anywhere in the developed world.
