WSJ Fedwatcher Jon Hilsenrath looks at the “remarkable” Treasury market despite better inflation and job growth. 10-year yields are down 2.5 bps once again today, hitting 2.45%.

When surveyed in January by the Federal Reserve Bank of New York, more than three-quarters of the 22 big Wall Street primary dealers that trade the instruments estimated 10-year yields would be 3% or more around now.

He pins the persistent Treasury bid on three things, 1) Safe haven buying 2) Foreign central bank buying 3) More believers in secular stagnation.