Last year’s taper tantrum is starting to look like a little footnote in bond market history. Yields on 10-year Treasury notes dropped below 2.5% last week. This is remarkable given the fact that U.S. job growth is heating up, inflation readings firming and the Federal Reserve has said affirmatively that it plans to stop buying U.S. and mortgage bonds by October. Any of those developments normally drive bond prices down and yields up. But yields on long-term bonds are now down more than half a percentage point this year. They’ve reversed about two-fifths of the increase registered between April 2013 and December 2013, ... (full story)