As long-term Treasury yields continue to confound those certain they must rise, consider how 2.44% on the U.S. 10-year looks to a German investor: Luscious.
The gap between 10-year benchmark yields in the U.S. and Germany has risen to about 138 basis points, the largest since 1999. As recently as 2008, U.S. yields were 90 basis points below those in Germany.
Moving to the periphery, U.S. yields are just 20 basis points lower than Spain's vs. a 10-year average of 106 bps.
The U.S. 10-year yield is flat today at 2.44% - its lowest in more than a year.