The US dollar slid to a session low alongside stocks and bonds.

The long end of the Treasury curve is leading a rally, pushing yields lower. The 30-year bond yield is down 6 basis points to 2.90% — a one week low.

Bloomberg has a good story today. The spoke with some old timers who have been in the market forever about bond yields and they look back to when yields were stuck at low levels.

“We have come full circle,” Jones, 76, said by telephone on Dec. 1 from Denver. “Rather than decrying how low interest rates are and expecting them to shoot higher, it may be that we’re in more normal territory than we thought we were.”

“Over time, what drives the bond yield is the inflationary expectations,” Lacy Hunt, the 72-year-old chief economist at Hoisington Investment Management said by telephone on Dec. 2. “If you wring all the inflationary expectations out, you are going down to 2 percent on the long bond over the next several years. That is the path that we are on.”