The ten year is at equilibrium!

Yield, 2.56%. 

This is about the number a well balanced republican economy like ours should pay, and Harry Truman agreed, he wanted is lower in fact.  The one year treasury needs to be slightly below 1.5%.   So the Treasury, Congress, should be able to measure their yearly budget, on average, to about 1.5%.  Budget errors stay within 60-70 billion over the year, over the budget, if not, adjust budgets. They do not do this, they become increasingly illiquid over transactions.   We generally do not panic, we requantize all spectral moments at the same time, for efficiency.  Each time we do this, the economists acts surprised.