The interest rate on 10-year Treasury bonds is 2.45% this morning (and the DOW was below 10,000 and the thermometer at Casa NewMexiKen reached 57ยบ).
2.45% is the lowest the 10-year Treasury rate has been since the financial crisis during the winter of 2008-2009.
What it means is, among other things, investors are afraid of stocks and real estate and are putting their money in the safest investment around, U.S. government obligations. With so much money chasing the Treasury, interest rates keep dropping.
In other news, only 25,000 new homes were sold last month, the lowest number of sales for the month of July since 1982. By comparison, 117,000 new homes were sold in July 2005.