"Complacency," is the title of an early slide of Terry Belton's at JPMorgan's Fixed Income...

|By:, SA News Editor

"Complacency," is the title of an early slide of Terry Belton's at JPMorgan's Fixed Income Conference (just getting underway). Ninety percent of surveyed investors expect the 10-year Treasury yield to remain below 2.5% in 2013; just 1% expect it above 3%. The levels are important, of course, but the survey also suggests about zero expectation for any volatility in rates.