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Government budget surpluses, which led the Treasury to curtail the issuance of new debt and begin buying back existing long-term debt, made Treasuries more attractive, adding to the downward pressure on interest rates.
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Even the modest retirement of Treasury debt during the past two years has made Treasurys scarce.
The one event that could still make Treasuries attractive, Mr. Brown said, would be a downgrade of France by the rating agencies.
If the Fed raises interest rates even a bit, that probably makes Treasuries an even more attractive investment; even if long rates don't rise investors get the prospect of dollar appreciation in the mix.
NHS trusts made efficiency savings of £2.9bn during the year, as part of ongoing efforts to control overspending and make Treasury-required productivity gains.
Local real interest rates are falling, making treasury bills less attractive; the local-currency bond market should grow in both size and depth as medium-sized companies come to recognise its advantages.
The legendary stability of Treasurys and the ubiquity of the dollar make Treasurys very appealing to central banks overseas.
n If your federal rate is high enough to make Treasurys unappealing, buy municipal bonds from your home state — or buy a fund that buys them.
In fact, in a perverse sense, troubles elsewhere make U.S. Treasuries more attractive.
They have worked to some extent, as spreads on private debt have come down, though they remain well above pre-crisis levels.Taking the added step of buying Treasuries made some inside the Fed uncomfortable.
Just about all such funds will feel the impact, because so much of the nation's overall fixed-income market is made up of Treasuries, said David Schroeder, a fixed-income manager at American Century Investments.
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