How Expensive are US Treasury Bonds? 

The key driver for valuing Treasury bonds at the moment is the utility they offer as a form of collateral among banks loaning money to each other. So with Europe’s debt markets in even greater turmoil now than when Greece’s debt got a “haircut” last year, T-Bond prices are zooming up once again to the top of the 3-decade rising trend channel.
 

When does this end? Tom’s guess is “when the Fed’s inflation of the money supply turns into actual consumer price inflation.”
                                                       …………. Tom McClennan