Is the Fed out of options?

Commentary: Bailout proposals will be 'free-fire zone'

A big run to Treasurys has pulled mortgage rates down to 6.25 percent, but the spread to the 3.58 percent 10-year T-note remains immense.

Three forces have knocked all Treasury yields down a quarter percent in four days. First, money scrambling to get out of commodities and the euro has to go somewhere, and the first preference of the foreign investor is Treasurys.