By Andrew Butter (Guest Post)
I’m a little slow, but perhaps someone can tell me what happened to the crowd who were jumping up and down screaming that US Treasuries were a bubble when the yield was 3.7%? If that was a bubble in 2009 and 2010 then 2.0% has to be an UBER-BUBBLE. The valuation model presented here started out in February 2010 in response to all the noise being generated by the Treasury Bubble Crowd; what the model said (then) was that yields would go down, which they did until Ben started buying under QE-2 and then they went up until Bill Gross sold at the top of the market at…
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