Italy's yields went above 7pc again, after falling earlier in the day.

He said he did not expect yields to go much lower.

A few months ago, when interest rates were higher, only a few analysts thought the yield could go below 6 percent.

But the yield on money market accounts lost a basis point and went to 6.37 percent.

The yields at savings institutions fell by a basis point, as the average yield on a money market account went to 6.80 percent.

"In a situation like that, you could see yields on the 30-year bond go above 9 percent."

If yields are going lower, today's 4 percent rate on Treasuries will look attractive 12 months from now.

The extra yield goes into the pockets of the long-term buyers.

As the prices of bonds rise, the yields go down, making them less attractive.

You know what the yield is going to be.