As traders speculate rates won't rise till December 2015, Treasuries' yields fall most in five years.

As traders speculate rates won't rise till December 2015, Treasuries' yields fall most in five years.

As Fed winds down quantitative easing, investors' behavior indicates pessimism on economic growth and more fear of rate hikes than of inflation.

As Fed winds down quantitative easing, investors' behavior indicates pessimism on economic growth and more fear of rate hikes than of inflation.

Bank of America predicts $500 billion will leave money funds for short-term Treasuries within two years, in light of floating NAV requirement.

Bank of America predicts $500 billion will leave money funds for short-term Treasuries within two years, in light of floating NAV requirement.

Investors have submitted $3.4 trillion of bids for the $1.12 trillion of Treasury notes and bonds sold so far this year.

Traders expect Fed overnight rate to max out at about 3.3 percent during this expansion, lower than Fed's own estimate of 4 percent.