this is difficult to envision, but.........

the 2 year note is below 1.50%. that's amazing. the yield on two-year treasury notes has slipped below 1.50%, now trading at 1.48%, the lowest yield for the two-year since 3/04. in 2003, the two-year's yield fell to as low as 1.09% on 6/13/03, which was the lowest since at least the 1960s.

obviously, when adjusted for inflation, the yield-to-maturity amounts to a negative rate of return, which eventually will push investors further out the risk spectrum. this is certainly something difficult to envision at the moment.