Vacation-time thought experiment: With the knowledge that the U.S. government will be borrowing as much as $3.5 trillion from the public in fiscal years 2009, 2010 and 2011, approximately matching the Treasury's cumulative borrowing between 1789 and 1994, would you have guessed that the yield on the 10-year note would today be hovering in the neighborhood of only 3.7%? If "yes" is your answer, you must not go away on vacation this month. You have too hot a hand to stay away from the office.

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