Behind the economic pessimism

It is an index of fear. Last week, interest rates on 10-year U.S. Treasury bonds fell to 1.4 percent. This was the lowest on record and less than present or expected inflation (generally 2 percent to 3 percent). On 30-year Treasuries, rates have tumbled to 2.5 percent. The investors piling into Treasuries and driving rates down aren't buying risky stocks or using their cash to expand businesses. They're protecting themselves against unknowns.

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