Probably based on the belief that interest rates will rise. Now, go look at the 10-year.
These people (wall street) have been so wrong for so long it's not funny. Talk of interest rates rising is now in it's 4th year and the 10 has done nothing but go down.
Jim, interest rates rising are an urban legend.... It makes no sense that rates would rise, as the economy has not yet proven to be in a significant uptrend. That is the US and world economies I am referring to. The same people say the same thing and it gets aired in the media and people go around wringing their hands... Just stay firm that rates will NOT make any significant uptrend in the foreseeable future.