Bonds rose Thursday as the yield on the benchmark 10-year U.S. Treasury note briefly fell below the psychologically important 3 percent mark for the first time since September before ending around 3.03 percent. This was largely due to comments by Federal Reserve Chairman Jerome Powell a day earlier that interest rates are “just below” neutral, which traders took as a sign the central bank is close to ending the current rate-raising cycle. Given the strong track record of bond traders over many years, it’s hard to say they misunderstood what Powell said or was trying to say, but that didn’t stop a surprisingly large ... (full story)