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Federal fund futures indicate most investors think interest rates won't rise until after September 2015.
As Fed caps reverse repos, rates drop further for high-quality short-term investments.
Tax payments reduce supply of short-term Treasury debt.
Stalling of Eurozone economies and ECB consideration of quantitative easing program are increasing leverage European markets have over bond investors.
Bank of America predicts $500 billion will leave money funds for short-term Treasuries within two years, in light of floating NAV requirement.
Traditional models fail to explain the resilience of $100 trillion market as central banks suppress short-term interest rates.