Note, however, that the High Yield Master II is also a little more than 100 bp narrower than its historical average versus Triple-B corporates.

FORBES: Is Emerging Markets Debt Cheap?

Chart Analysis : The weekly chart of the ten-year T-Note yield ( TNX) shows the high in yield at over 5% in early July 2007.

FORBES: Keep Your Eye on Treasury Rates

As a final note, the historically narrow spread between high yield bonds and Triple-B corporates does not mean that the high yield asset class is materially overvalued.

FORBES: Is Emerging Markets Debt Cheap?

U.S. 10-Year Treasury note futures prices this week hit a fresh contract high, with the cash 10-year Treasury note hitting a new low yield near 1.68%.

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The yield on the 10-year Treasury note is back at 2% but was as high as 2.07% in the morning.

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